China Petroleum & Chemical Corporation Class H ( (SNPMF) ) has released its Q4 earnings. Here is a breakdown of the information China Petroleum & Chemical Corporation Class H presented to its investors.
China Petroleum & Chemical Corporation, also known as Sinopec Corp., is one of China’s largest integrated energy and chemical companies, primarily involved in the exploration, production, and sale of petroleum and natural gas, as well as the production and sale of refinery and petrochemical products. The company is also engaged in new energy businesses such as hydrogen and solar energy.
In its latest earnings report for 2024, Sinopec Corp. announced a total revenue of RMB 3.07 trillion and a profit attributable to shareholders of RMB 48.94 billion. Despite a challenging market environment, the company maintained a stable financial condition with a debt-to-asset ratio of 53.3% and proposed a total annual cash dividend of RMB 0.286 per share.
Key financial highlights include a 2.2% increase in oil and gas production, reaching 515.35 million barrels of oil equivalent, and a 4.7% rise in natural gas production. The company also reported a decline in operating income by 4.3% to RMB 3,074,562 million and a decrease in net profit attributable to equity shareholders by 16.8% to RMB 50,313 million. Additionally, Sinopec Corp. continued to focus on high-quality exploration and development, achieving significant breakthroughs in shale gas and oil exploration.
Looking ahead, Sinopec Corp. plans to focus on scientific and technological innovation, industrial transition, and risk prevention to drive high-quality development. The company aims to increase its production capacity, optimize its refining and chemical operations, and expand its comprehensive energy services, including hydrogen and electric vehicle charging infrastructure.
Overall, Sinopec Corp. remains committed to enhancing its operational efficiency and profitability while navigating the complexities of the global energy market, with a strategic focus on sustainable development and technological advancement.