FX.co ★ Sinopec H1 Interim Profit Rises

China Petroleum & Chemical Corporation, commonly known as Sinopec Corp., announced that its interim profit for the first half of 2024 amounted to RMB 37.079 billion, reflecting a 2.6% increase compared to the same period last year. The basic earnings per share stood at RMB 0.307, marking a 2.0% year-on-year growth.

Under International Financial Reporting Standards (IFRS), Sinopec's operating revenue for the first half of 2024 reached RMB 1.58 trillion.

The company's oil and gas output for the initial half of the year totaled approximately 258 million barrels of oil equivalent, a 3.1% rise from the previous year. In terms of natural gas production, the company achieved approximately 700.6 billion cubic feet, representing a 6.0% increase year-on-year. Refinery throughput was recorded at 127 million tonnes, an increment of 0.1% compared to last year. The total sales volume of refined oil products reached about 119 million tonnes, up 2.1% year-on-year, while ethylene production amounted to 6.496 million tonnes.

The Board of Directors declared an interim cash dividend of RMB 0.146 per share.

Moreover, the Board has proposed a profit distribution strategy for the forthcoming three years (2024-2026), stipulating that the cash dividends payout ratio will be no less than 65%.