Sinopec Releases FY2024 Financial Results

China Petroleum & Chemical Corporation, commonly known as Sinopec, unveiled its annual financial outcomes for 2024. The company's total revenue amounted to RMB 3.07 trillion, while operating profit stood at RMB 70.686 billion. Profit attributable to shareholders reached RMB 50.313 billion, with basic earnings per share calculated at RMB 0.415 in accordance with CASs. Net cash flow from operational activities was RMB 149.360 billion.

Sinopec produced 515.35 million barrels of oil equivalent, a 2.2% increase from the previous year, and saw natural gas production rise by 4.7%. The refining segment processed 252 million tonnes of crude oil. To enhance shareholder returns, the Board proposed a final cash dividend of RMB 0.14 per share, bringing the total payout ratio to 75% for the year.

Facing domestic and international market fluctuations, Sinopec advanced its market strategies, investing RMB 175 billion in Capital Expenditures. The company explores further technological innovation and expansion into renewable energy services, aiming to cement its status as a leading comprehensive energy service provider.