Sinopec H1 Profit Rises

(RTTNews) - China Petroleum & Chemical Corporation or Sinopec (SNP) announced that its six month Profit attributable to equity shareholders of the company surged by 40.1% to RMB 27.9 billion, year on year. IFRS operating profit reached RMB 39.3 billion. Basic earnings per share were RMB 0.231 versus RMB 0.165 last year.

In accordance with ASBE, Sinopec reported operating income of RMB 1,166 billion. Operating profit was RMB 45.0 billion, surged by 31.3% year on year. Net profit attributable to the equity shareholders of the Company was RMB 27.1 billion, up by 40.7% year on year. Basic earnings per share were RMB 0.224 versus RMB 0.159 last year.

The board of directors declared an interim dividend of RMB0.10 per share, up by 26.6% year on year.

Looking into the second half of 2017, the company expects the international crude oil prices to fluctuate at a low level.

In the second half, the company planned to produce 148 million barrels of crude oil, of which domestic production will account for 125 million barrels and overseas production will account for 23 million barrels. The company also planned to produce 427.5 billion cubic feet of natural gas during the period.

The company also planned to process 118 million tonnes of crude and to sell 87.78 million tonnes of refined oil products in the domestic market in the second half of 2017.