PetroChina reports 1H net profit RMB 88.61B, up 3.9% year-on-year

PetroChina Company announced its operating results for the first half of 2024. The company said, “The Company strengthened market analysis and proactively responded to multiple challenges. While pursuing high-quality development, it adhered to the principle of seeking progress in a steady manner. Coordinated efforts were made to drive business development and further enhance business quality and profitability, in tandem with the initiative to promote reform, innovation, safety and environmental protection. The core oil and gas businesses and other operations remained stable and profitable, with key production indicators growing steadily. The Company achieved record high first half operating results for three consecutive years. All businesses were profitable, and the financial position remained sound.” In accordance with IFRS, the Company posted operating income of RMB 1.6 trillion in the first half of 2024, representing a 5% year-on-year increase. Net profit attributable to equity holders of the Company reached RMB 88.61 billion, up 3.9% year-on-year. The annualized average return on equity amounted to 10.4%. With continuous optimization of its asset-liability structure, the Company retained a robust financial position. The debt-to-asset ratio dropped by 1.4 percentage points to 39.4% from the end of the previous year. It was the lowest first half figure for the last 14 years. Meanwhile, the debt-to-capital ratio declined by 3.9 percentage points to 11.3% from the end of the previous year. It hit the lowest level in the same period for the last 16 years. To reward shareholders, the Board of Directors decided to distribute an interim dividend of RMB 0.22 per share for the first half of 2024, with total dividend payout reaching RMB 40.26 billion. This marks the third consecutive year for the Company to pay a record high interim dividend.