Sinopec's Profit up at 32.5 billion yuan in 1H, 2014

Posted by Joseph R. Fonseca
Saturday, August 23, 2014


Asia's largest refiner - China Petroleum & Chemical Corporation announced Friday night, according to international accounting standards, the first half net profit of 32.543 billion yuan, an increase of 7.5%.

Semi-annual report and display, from January to June the company achieved operating income of 52.268 billion yuan, an increase of 11.8%; basic earnings per share of 0.279 yuan, up by 6.5%, mainly due to the refining and marketing segment operating income grew.

The same period, Sinopec achieved 237.01 million barrels of oil equivalent production, an increase of 8%, of which crude oil production was 177.88 million barrels, an increase of 7.52%, the production of 3,548 one hundred million cubic feet of natural gas, an increase of 9.46%.

In the first half, the company 116 million tons of crude oil processing capacity, an increase of 0.32%, refined oil production increased by 2.68 percent, 9.63 percent growth in gasoline, kerosene growth of 19.74%, a yield increase of 0.63 percentage points of light oil.

Looking ahead, China Petrochemical, said the slow recovery of the world economy. China's economy will maintain steady growth. The second half is expected to remain high and volatile movements in international oil prices, domestic oil products especially gasoline demand will grow rapidly, steady demand for chemical products, the market environment gradually getting better.

The company also announced the semi-annual dividend distribution program for DPS 0.09 yuan (including tax).

Sinopec A shares on Friday closed at 5.30 yuan, up 20.45 percent over the past month. 

 (Released by: Wu Fang; trial School)

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