BEIJING, Aug. 27, 2017
/PRNewswire/ -- China Petroleum & Chemical Corporation
("Sinopec" or the "Company")(HKEX: 386; SSE: 600028; NYSE: SNP)
today announced its interim results for the six months ended
30 June 2017.
Financial Highlights:
- In accordance with the International Financial Reporting
Standards (IFRS), the Company's operating profit reached
RMB 39.3 billion. Profit attributable
to equity shareholders of the Company was RMB 27.9 billion, surged by 40.1% year on year.
Basic earnings per share were RMB
0.231 (1H2016: RMB
0.165).
- In accordance with China Accounting Standards for Business
Enterprises ("ASBE"), the Company's operating income reached
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 (1H2016: RMB
0.159).
- In accordance with IFRS, the Company's liability-to-asset ratio
was 43.22%, representing a decrease of 1.31 percentage points
compared with the end of last year, reflecting a solid financial
position. The Company's cash and cash equivalents (including time
deposits) increased by 12.9% as compared to the beginning of this
year, maintaining a healthy cash flow level.
- The Board of Directors declared an interim dividend of
RMB0.10 per share, up by 26.6% year
on year.
Business Highlights:
In the first half of 2017, global economy recorded moderate
recovery and Chinese economy maintained steady growth with gross
domestic product (GDP) up by 6.9% year on year. With abundant
supply, domestic refined oil products market witnessed strong
competition. According to the statistics, domestic consumption of
refined oil products increased by 5.5% compared with the first half
of 2016, among which gasoline and kerosene consumption maintained
strong growth momentum, and diesel consumption reversed its
downward trend and realised growth year on year. Domestic demand
for natural gas accelerated, up by 15.2% compared with the first
half of 2016. Domestic consumption of major chemicals grow
significantly with consumption of ethylene equivalent up by 10.5%
year on year, and gross margin for chemical products remained
strong.
- Exploration and Production: the Company focused on reserve
increase and development returns through our operation and
production with superior results achieved. In exploration, our
major direction maintained to focus on identification of high
quality, large scale and low cost reserves. Its continuing efforts
in exploration paid off with major discoveries in a number of
regions. The Company attached great importance to the development
of natural gas and actively promoted Phase II of Fuling Shale Gas
development project. In the first half of 2017, loss from the
upstream segment was significantly reduced and realized positive
free cash flow.
- Refining: the Company maintained high operational utilisation
rates of refining facilities. Refined oil products mix has been
optimized to address market demand changes, more high value-added
products were produced. The Company actively promoted refined oil
products quality upgrading and optimised crude oil sourcing to
lower feedstock cost. The advantages of centralised marketing took
full play. In the first half of 2017, this segment recorded an
Earnings Before Interest and Tax ("EBIT") of RMB 29.8 billion. Excluding the impact from the
floor-price policy from the same period of last year, EBIT surged
by 26.7% year on year.
- Marketing and Distribution: the Company took full advantages of
its integrated business and distribution network to actively
respond to over-supplied and competitive market conditions, and
achieved good operational results. The Company flexibly adjusted
marketing strategies and promoted branding gasoline. By means of
"Internet +" and other marketing measures, the Company promoted
rapid growth of new business, put more efforts on cultivation of
major products and self-owned brand products. Transaction value of
emerging business was RMB 27.8
billion, up by 50% from the first half of 2016. In the first
half of 2017, this segment recorded an EBIT of RMB 18.0 billion, up by 8.0% year on year.
- Chemicals: based on contribution of the marginal benefit and
gross margin of chemical facilities, the Company optimised
operations based on marginal contribution and gross margin of
chemical facilities to promote profitability. The Company deepened
adjustments of feedstock mix to reduce chemical feedstock cost, and
pressed ahead optimisation of product slate, producing more
market-oriented and high value-added products, strengthened the
integration among production, sales, R&D and application, and
intensified efforts on R&D, production and promotion of new
products. In the first half of 2017, this segment recorded an EBIT
of RMB 16.5 billion, surged by 34.9%
year on year.
Mr. Wang Yupu, Chairman of Sinopec, said, "During the first half
of 2017, we fully implemented value-oriented growth, innovation
driven development, integrated resource allocation, openness to
cooperation, and green, low-carbon development strategies and
achieved solid operating results. Looking into the second half of
2017, we expect more reform measures to be announced by the Chinese
government to revitalise real economy, the "Belt and Road"
Initiative, synergetic development of Beijing-Tianjin-Hebei
and the Yangtze River Economic Belt development will be further
implemented. The China's economy
will maintain steady growth and drives the demand of refined oil
products and petrochemical products as well as creates new growth
opportunities for petroleum and petrochemical industry. The Company
will continue to focus on supply-side structural reform,
progressing with growth stabilisation, market expansion, cost
reduction, structural adjustments, reform, and consolidating the
basis as to deliver superior business results, providing larger
value for our country, our shareholders, our staff, and our
society."
Business Review
Exploration and Production
In the first half of 2017, facing with low oil prices, the
Company focused on reserve increase and development returns through
our operation and production with superior results achieved. In
exploration, our major direction maintained to focus on
identification of high quality, large scale and low cost reserves.
Number of new oil discoveries were made in Tahe Basin of Xinjiang,
Junggar Basin, Shengli Oilfield and North
Jiangsu Basin, and new natural gas discoveries were made in
Sichuan Basin and Ordos Basin. In
development, natural decline rate of natural fields was well
controlled through refined development. Importance was attached to
natural gas development, through expediting natural gas capacity
construction in the Hangjinqi area of Erdos and fully promoting
Phase II of Fuling Shale Gas development project. Production in the
first half of 2017 was 221.38 million barrels of oil equivalent, up
by 1.1% year on year, of which domestic crude production was 123.16
million barrels, overseas crude production was 22.82 million
barrels, and total gas production was 452.12 billion cubic feet,
increased 16.3% compared to the same period of last year.
In the first half of 2017, operating revenues of the segment
were RMB 74.1 billion, representing
an increase of 41.1% year on year. This was mainly due to increased
crude oil prices and expanded scale of LNG business. In the first
half of 2017, the oil and gas lifting cost was RMB 767.3 per tonne, representing an increase of
3.2% year on year. In the first half of 2017, the segment applied
low-cost development principle throughout its production and
operation processes, and realized good results. Operating loss of
this segment was RMB 18.3 billion in
the first half of 2017, a decrease of RMB
3.6 billion compared with the same period of last
year.
Exploration and Production: Summary of Operations
|
Six-month period
ended 30 June
|
Changes
|
2017
|
2016
|
(%)
|
Oil and gas
production (mmboe)
|
221.38
|
218.99
|
1.1
|
Crude oil production
(mmbbls)
|
145.98
|
154.17
|
(5.3)
|
China
|
123.16
|
128.38
|
(4.1)
|
Overseas
|
22.82
|
25.79
|
(11.5)
|
Natural gas
production (bcf)
|
452.12
|
388.69
|
16.3
|
Refining
In the first half of 2017, our refined oil products mix has been
optimized to address market demand changes, more high value-added
products were produced and diesel-to-gasoline ratio further
decreased to 1.15. We actively promoted refined oil products
quality upgrading, and the GB VI quality upgrading plan for "2+26"
cities in North China completed
ahead of schedule. Crude oil sourcing optimisation continued to
lower our feedstock cost, and export of refined oil products was
increased moderately to help maintain high operational utilisation
rates of refining facilities. The advantages of centralised
marketing took full play, and profitability of asphalt, lubricant
and LPG was maintained. In the first half of 2017, we processed 118
million tonnes of crude oil, increased by 1.6% compared to the same
period of last year, and produced 74.11 million tonnes of refined
oil products, with production of gasoline and kerosene up by 1.4%
and 5.9% respectively, from levels in the first half of 2016.
In the first half of 2017, operating revenues of the segment
were RMB 488.2 billion, representing
an increase of 23.0% year on year. This was mainly attributable to
increased prices of products.
In the first half of 2017, the refining margin (defined as sales
revenues less crude oil and refining feedstock costs and taxes
other than income tax, divided by the throughput of crude oil and
refining feedstock) was RMB 473.7 per
tonne, representing a decrease of 7.9% year on year. In the first
of 2016, crude oil prices dropped below the lower threshold
prescribed in the domestic refined oil product pricing mechanism
for some period, and domestic refined oil prices were not cut
during the corresponding period. In the first half of 2017, such
phenomenon did not occur, as the result the prices spread between
products and feedstock narrowed compared with the same period of
2017. The segment managed to improve its refining margin by
advancing oil products quality upgrading and optimising product
mix. In the first half of 2017, the segment realised an operating
profit of RMB 29.4 billion,
representing a decrease of RMB 3.2
billion year on year.
Refining: Summary of Operations
|
Six-month period
ended 30 June
|
Changes
|
2017
|
2016
|
(%)
|
Refinery throughput
(million tonnes)
|
117.79
|
115.90
|
1.6
|
Gasoline, diesel and
kerosene production (million tonnes)
|
74.11
|
73.26
|
1.2
|
Gasoline (million
tonnes)
|
28.41
|
28.03
|
1.4
|
Diesel (million
tonnes)
|
32.67
|
32.93
|
(0.8)
|
Kerosene (million
tonnes)
|
13.03
|
12.30
|
5.9
|
Light chemical
feedstock production (million tonnes)
|
18.94
|
19.37
|
(2.2)
|
Note: Includes 100% of production of domestic joint
ventures.
Marketing and Distribution
In the first half of 2017, we took full advantages of our
integrated business and distribution network to actively respond to
over-supplied and competitive market conditions, and achieved good
operational results. We optimised internal and external resources,
put all efforts to expand market, and realised sustained growth in
total sales volume of refined oil products. We flexibly adjusted
our marketing strategies, promoted branding gasoline and increased
retail volume of premium gasoline. We carried out new operational
models and optimised layout of service stations, and expedited
revamping of storage and transportation facilities of refined oil
products to further improve our distribution network. We
proactively promote vehicle natural gas business, expediting the
construction and operation of CNG/LNG stations, vehicle natural gas
sales volume increased by 28.2% year on year. The total sales
volume of refined oil products in the first half of 2017 was up by
1.4% from the corresponding period last year to 98.55 million
tonnes, of which domestic sales accounted for 87.22 million tonnes,
up by 0.8%. By means of "Internet +" and other marketing measures,
we promoted rapid growth of new business, put more efforts on
cultivation of major products and self-owned brand products,
transaction value of emerging business (non-fuel) was RMB 27.8 billion, up by 50% from the first half
of 2016.
In the first half of 2017, the operating revenues of the segment
were RMB 606.0 billion, increased by
21.0% year on year. This was mainly due to the increasing refined
oil products prices. In the first half of 2017, the total sales
volume and margin refined oil products increased as a result of the
segment efforts in expanding market. The segment's operating profit
was RMB 16.6 billion, representing an
increase of RMB 0.8 billion year on
year.
Marketing and Distribution: Summary of Operations
|
Six-month period
ended 30 June
|
Changes
|
2017
|
2016
|
(%)
|
Total sales volume of
refined oil products (million tonnes)
|
98.55
|
97.17
|
1.4
|
Total domestic sales
volume of refined oil products (million tonnes)
|
87.22
|
86.51
|
0.8
|
Retail (million
tonnes)
|
58.68
|
59.65
|
(1.6)
|
Direct sales and
Wholesale (million tonnes)
|
28.54
|
26.86
|
6.3
|
Annualised average
throughput per station (tonne/station)
|
3,832
|
3,889
|
(1.5)
|
|
As of 30 June
2017
|
As of 31 December
2016
|
Change from the end
of last year(%)
|
Total number of
Sinopec-branded service stations
|
30,633
|
30,603
|
0.1
|
Company-operated
|
30,627
|
30,597
|
0.1
|
Chemicals
We continued the "basic and high end" chemical business
development concept to promote effective supply. In the first half
of 2017, based on contribution of the marginal benefit and gross
margin of chemical facilities, we optimised operations based on
marginal contribution and gross margin of chemical facilities to
promote profitability. Ethylene production for the first half of
2017 was 5.609 million tonnes, up by 2.4% from the corresponding
period last year. We deepened adjustments of feedstock mix to
reduce chemical feedstock cost, and pressed ahead optimisation of
product slate, producing more market-oriented and high value-added
products, strengthened the integration among production, sales,
R&D and application, and intensified efforts on R&D,
production and promotion of new products, with the ratio of
performance compound reaching 62% up by 4 percent points from the
same period of last year, and the differential ratio of synthetic
fiber reaching 88.2% up by 4.9 percent points year on year. At the
same time, implementing low inventory marketing strategy, putting
advantages of marketing network into full play, conducting
differentiated and tailor-made measures, the Company provided
whole-process solutions and value-added services to our customers.
In the first half of 2017, total chemicals sales volume increased
by 13.6% from the corresponding period last year to 37.30 million
tonnes.
In the first half of 2017, operating revenues of the chemicals
segment were RMB 208.4 billion,
representing an increase of 39.7% year on year, which was mainly
due to significant increasing chemical products prices and sale
volume year on year. In the first half of 2017, the operating
expenses of the segment were RMB 196.3
billion, representing an increase of 40.7% year on year,
which was mainly due to a significant increase of feedstock prices.
The segment's operating profit in the first half of 2017 was
RMB 12.2 billion, representing an
increase of 25.6% year on year.
Major Chemical Products: Summary of
Operations
Unit of production: 1,000 tonne
|
Six-month period
ended 30 June
|
Changes
|
2017
|
2016
|
(%)
|
Ethylene
|
5,609
|
5,478
|
2.4
|
Synthetic
resin
|
7,802
|
7,500
|
4.0
|
Synthetic fiber
monomer and polymer
|
4,659
|
4,672
|
(0.3)
|
Synthetic
fiber
|
616
|
637
|
(3.3)
|
Synthetic
rubber
|
412
|
411
|
0.2
|
Note: Includes 100% of production of domestic joint
ventures.
Health, Safety and the Environment
The Company valued safe production and intensified safety
supervision. In the first half of this year, we strengthened
identification and prevention of risks, further tightened hazard
management of tank farms, reinforced on-site safety supervision and
management, advanced contractor health and safety control and
tightened safety management of key areas including offshore
operations, well control, coal mines and hydrogen sulfide. Above
all, we achieved safe production and operations.
By active implementation of our green and low-carbon strategy,
we promoted the integrated management of energy and environmental
protection, pushed forward pollution prevention and treatment,
deeply implemented "Energy Efficiency Doubling" plan and continued
to advance carbon asset management. Energy conservation, pollution
reduction and carbon reduction all recorded remarkable results. In
the first half of 2017, energy intensity was down by 1.8%,
industrial water consumption was down by 1.2%, chemical oxygen
demand in discharged water was down by 2.3%, sulfur dioxide
emissions were down by 4.3% from levels in the corresponding period
last year, and all hazardous chemicals, discharged water, gas, and
solid waste were properly treated.
Capital Expenditures
Focusing on quality and returns of investment, the Company
continuously optimised its investment projects. In the first half
of 2017, total capital expenditures were RMB
15.953 billion. Capital expenditures for the exploration and
production segment were RMB 6.870
billion, mainly for oil and gas capacity building, Tianjin
LNG Terminal Project, Wen 23 Gas Storage Project, boosting project
of Sichuan-to-East China Pipeline
as well as overseas projects. Capital expenditures for the refining
segment were RMB 3.672 billion,
mainly for the Zhongke integrated refining and chemical project,
product mix adjustments of ZRCC and Maoming, and GB VI gasoline and
diesel quality upgrading projects. Capital expenditures for the
marketing and distribution segment were RMB
2.500 billion, mainly for constructing refined oil products
depots, pipelines and service stations. Capital expenditures for
the chemicals segment were RMB 2.594
billion, mainly for integrated refining and chemical
projects of Zhongke and Gulei and the high-efficiency and
environmental friendly aromatics project in Hainan refinery. Capital expenditures for
corporate and others were RMB 317
million, mainly for R&D facilities and information
technology application projects.
Business Prospects
Looking into the second half of 2017, we expect more reform
measures to be announced by the Chinese government to revitalise
real economy, the "Belt and Road" Initiative, synergetic
development of Beijing-Tianjin-Hebei
and the Yangtze River Economic Belt development will be further
implemented. The China's economy
will maintain steady growth and drives the demand of refined oil
products and petrochemical products as well as creates new growth
opportunities for petroleum and petrochemical industry. Along with
the adjustments of China's energy
structure, demand of natural gas as cleaner energy resources will
maintain robust growth rate. For the second half of 2017, the
international crude oil prices are expected to fluctuate at a low
level.
In the second half of 2017, in accordance with our objective of
progressing at a steady pace to continually focus on growth
stabilisation, market expansion, cost reduction, structural
adjustments, reform, and consolidating the basis for the Company's
further development. Our focuses are as following aspects:
For Exploration and Production, we will continue to advance
high-efficiency exploration activities, enlarge economical
recoverable reserve and raise reserve production ratio. In crude
oil development, we will accelerate profitable development of new
oilfields and profitable re-opening of suspended wells, optimise
development structure of oilfields, control natural decline rate
and solidify basis for stable production. In natural gas
development, we will advance key projects for capacity
construction, strengthen the efficiency of developed gas fields,
optimise natural gas production and marketing plans and advance
facilities construction. In the second half of 2017, we plan 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. We plan to produce
427.5 billion cubic feet of natural gas during the period.
For Refining, we will center on the structural reform on the
supply side and accelerate the construction of four regional
refining centers. Based on market demand and industrial trend, we
will optimise product mix and produce more gasoline, jet fuel,
light oil and other high value-added products. We will complete GB
V standard of regular diesel upgrading project, and accelerate
upgrading progress of GB VI standard gasoline. We will fine-tune
crude oil procurement and resource allocation to reduce procurement
cost, fully optimise operations and ensure safe and stable
production, take full play of integrated advantages of production
and marketing to further optimise processing scheduling. We plan to
process 118 million tonnes of crude in the second half of the
year.
For Marketing and Distribution, we will coordinate scale and
efficiency of the business, short-term and long-term goals, set up
flexible operation strategies, optimize resources allocation,
sparing no effort to expand markets and our business scale. We will
further improve retail network layout, solidify and promote the
advantages of e-commerce development. We will step up construction
of natural gas stations to expand vehicle natural gas market. We
will explore a new type of business model integrating
"Internet-Marketing-Services" with IT technology and boost the
growth of emerging business (non-fuel). In the second half, we plan
to sell 87.78 million tonnes of refined oil products in the
domestic market in the second half of 2017.
For Chemicals, we will continue to adjust our feedstock
structure to lower costs, fine-tune our product slate, improve the
coordinating mechanism between production, marketing, research and
application, advance new product development, promotion and
application, deliver more specialty and high-end products and speed
up the upgrading of synthetic resin, synthetic rubber and synthetic
fiber. We will deepen the structural adjustments of facilities and
optimise production and operation based on contribution of the
marginal contribution and gross margin so as to enhance efficiency
and profitability. Meanwhile, we will better our marketing network,
improve customer services and provide integrated solutions and
value-added services. We plan to produce 6.05 million tonnes of
ethylene in the second half of 2017.
In the second half of the year, the Company will continue to
focus on supply-side structural reform, upgrade growth pattern to
enhance efficiency and profitability, and fully implement
value-oriented growth, innovation driven development, integrated
resource allocation, openness to cooperation, and green, low-carbon
development strategies so as to deliver superior business
results.
Appendix: Key financial data and
indicators
FINANCIAL DATA AND INDICATORS PREPARED IN ACCORDANCE WITH
ASBE
Principal accounting data
Items
|
Six-month periods
ended 30 June
|
Changes
over the same period
of the preceding year (%)
|
2017
RMB
million
|
2016
RMB
million
|
Operating
income
|
1,165,837
|
879,220
|
32.6
|
Net profit
attributable to equity shareholders of the Company
|
27,092
|
19,250
|
40.7
|
Net profit
attributable to equity shareholders of the Company
after deducting
extraordinary gain/loss items
|
26,099
|
18,290
|
42.7
|
Net cash flows from
operating activities
|
60,847
|
76,112
|
(20.1)
|
|
At 30 June
2017
RMB
million
|
At 31 December
2016
RMB
million
|
Change from the end
of last year(%)
|
Total equity
attributable to equity shareholders of the Company
|
718,878
|
712,232
|
0.9
|
Total
assets
|
1,487,538
|
1,498,609
|
(0.7)
|
Principal financial indicators
Items
|
Six-month periods
ended 30 June
|
Changes
over the same period
of the preceding year (%)
|
2017
RMB
|
2016
RMB
|
Basic earnings per
share
|
0.224
|
0.159
|
40.9
|
Diluted earnings per
share
|
0.224
|
0.159
|
40.9
|
Basic earnings per
share after deducting extraordinary gain/loss items
|
0.216
|
0.151
|
43.0
|
Weighted average
return on net assets (%)
|
3.79
|
2.81
|
0.98 percentage
points
|
Weighted average
return on net assets after deducting extraordinary gain/loss items
(%)
|
3.65
|
2.67
|
0.98 percentage
points
|
FINANCIAL DATA AND INDICATORS PREPARED IN ACCORDANCE WITH
IFRS
Principal accounting data
Items
|
Six-month periods
ended 30 June
|
Changes
over the same period
of the preceding year (%)
|
2017
RMB
million
|
2016
RMB
million
|
Operating
Profit
|
39,309
|
35,108
|
12.0
|
Net profit
attributable to owners of the Company
|
27,915
|
19,919
|
40.1
|
Net cash generated
from operating activities
|
60,847
|
76,112
|
(20.1)
|
|
At 30 June
2017
RMB
million
|
At 31 December
2016
RMB
million
|
Change from the end
of last year (%)
|
Equity attributable
to owners of the Company
|
717,689
|
710,994
|
0.9
|
Total
assets
|
1,487,538
|
1,498,609
|
(0.7)
|
Principal financial indicators
Items
|
Six-month periods
ended 30 June
|
Changes
over the same period
of the preceding year (%)
|
2017
RMB
|
2016
RMB
|
Basic earnings per
share
|
0.231
|
0.165
|
40.0
|
Diluted earnings per
share
|
0.231
|
0.165
|
40.0
|
Return on capital
employed (%)
|
4.39
|
3.18
|
1.21 percentage
points
|
The following table sets forth the operating revenues, operating
expenses and operating profit/(loss) by each segment before
elimination of the inter-segment transactions for the periods
indicated, and the percentage changes between the first half of
2017 and the first half of 2016.
|
Six-month periods
ended 30 June
|
Changes
|
2017
|
2016
|
RMB
million
|
(%)
|
Exploration and
Production Segment
|
|
|
|
Operating
revenues
|
74,109
|
52,509
|
41.1
|
Operating
expenses
|
92,443
|
74,438
|
24.2
|
Operating
(loss)/profit
|
(18,334)
|
(21,929)
|
(16.4)
|
Add: Share of
profits/(losses) from associates and joint ventures
|
875
|
(481)
|
-
|
Add: Investment
income/(loss)
|
48
|
23
|
108.7
|
EBIT
|
(17,411)
|
(22,387)
|
(22.2)
|
Refining
Segment
|
|
|
|
Operating
revenues
|
488,172
|
396,969
|
23.0
|
Operating
expenses
|
458,779
|
364,381
|
25.9
|
Operating
profit
|
29,393
|
32,588
|
(9.8)
|
Add: Share of profits
from associates and joint ventures
|
409
|
1,015
|
(59.7)
|
Add: Investment
income/(loss)
|
10
|
(7)
|
-
|
EBIT
|
29,812
|
33,596
|
(11.3)
|
Marketing and
Distribution Segment
|
|
|
|
Operating
revenues
|
605,960
|
500,969
|
21.0
|
Operating
expenses
|
589,394
|
485,192
|
21.5
|
Operating
profit
|
16,566
|
15,777
|
5.0
|
Add: Share of profits
from associates and joint ventures
|
1,416
|
869
|
62.9
|
Add: Investment
income
|
48
|
42
|
14.3
|
EBIT
|
18,030
|
16,688
|
8.0
|
Chemicals
Segment
|
|
|
|
Operating
revenues
|
208,429
|
149,186
|
39.7
|
Operating
expenses
|
196,272
|
139,508
|
40.7
|
Operating
profit
|
12,157
|
9,678
|
25.6
|
Add: Share of profits
from associates and joint ventures
|
4,242
|
2,547
|
66.5
|
Add: Investment
income
|
115
|
21
|
447.6
|
EBIT
|
16,514
|
12,246
|
34.9
|
Corporate and
others
|
|
|
|
Operating
revenues
|
488,015
|
312,816
|
56.0
|
Operating
expenses
|
487,276
|
312,394
|
56.0
|
Operating
profit
|
739
|
422
|
75.1
|
Add: Share of profits
from associates and joint ventures
|
709
|
648
|
9.4
|
Add: Investment
income
|
65
|
20
|
225.0
|
EBIT
|
1,513
|
1,090
|
38.8
|
Elimination of
inter-segment
profit/(loss)
|
(1,212)
|
(1,428)
|
-
|
About Sinopec Corp.
Sinopec Corp. is one of the largest integrated energy and
chemical companies in China. Its
principal operations include the exploration and production,
pipeline transportation and sale of petroleum and natural gas; the
sale, storage and transportation of petroleum products,
petrochemical products, coal chemical products, synthetic fibre and
other chemical products; the import and export, including an import
and export agency business, of petroleum, natural gas, petroleum
products, petrochemical and chemical products, and other
commodities and technologies; and research, development and
application of technologies and information.
Sinopec Corp. sets 'fueling beautiful life' as its corporate
mission, puts 'people, responsibility, integrity, precision,
innovation and win-win' as its corporate core values, pursues
strategies of value-orientation, innovation-driven development,
integrated resource allocation, open cooperation, and green and
low-carbon growth, and strives to achieve its corporate vision of
building a world leading energy and chemical company.
Disclaimer
This press release includes "forward-looking statements". All
statements, other than statements of historical facts that address
activities, events or developments that Sinopec Corp. expects or
anticipates will or may occur in the future (including but not
limited to projections, targets, reserve volume, other estimates
and business plans) are forward-looking statements. Sinopec Corp.'s
actual results or developments may differ materially from those
indicated by these forward-looking statements as a result of
various factors and uncertainties, including but not limited to the
price fluctuation, possible changes in actual demand, foreign
exchange rate, results of oil exploration, estimates of oil and gas
reserves, market shares, competition, environmental risks, possible
changes to laws, finance and regulations, conditions of the global
economy and financial markets, political risks, possible delay of
projects, government approval of projects, cost estimates and other
factors beyond Sinopec Corp.'s control. In addition, Sinopec Corp.
makes the forward-looking statements referred to herein as of today
and undertakes no obligation to update these statements.
Investor
Inquiries:
|
Media
Inquiries:
|
Beijing Tel:(86 10) 5996
0028
Fax:(86 10) 5996
0386
Email:ir@sinopec.com
|
Tel:(86 10) 5996
0028
Fax:(8610) 5996
0386
Email:ir@sinopec.com
|
|
|
Hong
Kong Tel:(852) 2824 2638
Fax:(852) 2824
3669
Email:ir@sinopechk.com
|
Tel:(852) 2522
1838
Fax:(852) 2521
9955
Email:sinopec@prchina.com.hk
|
View original
content:http://www.prnewswire.com/news-releases/sinopecs-net-profit-surges-by-40-to-rmb-279-billion-in-1h2017-300509984.html
SOURCE China Petroleum & Chemical Corporation