Sinopec Shanghai Petrochemical Co (HK:0338) has released an update.
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Sinopec Shanghai Petrochemical Co has issued a positive profit warning, forecasting a substantial turnaround with an estimated net profit of RMB 24.57 million to 36.85 million in the first half of 2024. This optimistic forecast is a significant reversal from the previous year’s losses, attributed to rising international oil prices and a steady recovery in market demand which led to increased gross margins. These preliminary results are yet to be reviewed or audited by certified public accountants.
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