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Sinopec reported a 2.6% increase in net profit for the first half of the year, driven by higher oil prices.
China Petroleum & Chemical Corp, commonly known as Sinopec, announced a 2.6% increase in net profit for the first half of the year, buoyed by higher oil prices. According to its filing with the Shanghai stock exchange, the company reported a net income of 37.1 billion yuan ($5.21 billion) for the period from January to June.
Despite this profit increase, Sinopec, the world’s largest oil refiner by capacity, experienced a slight decline in sales, which fell by 1.1% to 1.58 trillion yuan. This dip in sales occurred alongside a 5.5% reduction in ethylene production, a crucial component for petrochemical products.
Sinopec’s capital expenditure for the year’s first half was 55.9 billion yuan. The company reported a 0.6% increase in crude oil output, reaching 140.53 million barrels. Additionally, natural gas production saw a notable rise of 6%, totaling 700.57 billion cubic feet.
In terms of processing, Sinopec handled 126.69 million metric tons of crude oil, equivalent to approximately 5.08 million barrels per day (bpd), marking a marginal increase of 0.1% compared to the same period last year. This growth was slower than the 1.7% increase in the first quarter, attributed to rising crude prices and subdued domestic fuel demand.
Sinopec’s overall financial performance reflects the impact of fluctuating oil prices on the company’s income. While the rise in oil prices contributed to an increase in net profit, the decrease in sales and slower production growth highlight the broader challenges faced by the company. The balance between rising costs and tepid demand continues to influence Sinopec’s operational and financial outcomes.
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