Sinopec Announces FY2024 Interim Results

China Petroleum & Chemical Corporation (Sinopec) revealed its interim results for the first half of 2024. The company reported an operating revenue of RMB 1.58 trillion, showing a 2.6% year-on-year increase in profit attributable to shareholders, reaching RMB 37.079 billion. The company's board also approved a plan to distribute cash dividends of not less than 65% of annual profit over the next three years.

The company achieved notable production increases, with oil and gas output reaching approximately 258 million barrels of oil equivalent, up 3.1% year-on-year, and natural gas production at approximately 700.6 billion cubic feet, up 6.0%. Sinopec's efforts to cut carbon emissions and promote green development continued with the Second Phase Plan of the Green Enterprise Campaign, setting targets through 2028.

Sinopec's refining segment faced challenges but maintained optimization of production and marketing. The marketing and distribution segment saw a decline in operating revenues due to weakened diesel demand, but gasoline and jet fuel sales boosted overall performance. The chemicals segment experienced a market trough but achieved a 5.3% increase in operating revenues by optimizing product mix and cost control.