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Sinopec first half 2019 net profit down on year

2019/08/30 12:00

Sinopec announced its financial results for the first half of 2019 on Aug 25. Revenues rose 15.3% from the same period last year to 1.5 trillion yuan but net profit fell 24.7% on year to 31.338 billion yuan.

Revenues from exploration and development increased 18.1% on year to 103.8 billion yuan, thanks mainly to a rise in selling prices and sales volumes of natural gas and LNG.

In its refining business, revenues were at 597.8 billion yuan, up 0.8% from the same period last year. As Sinopec has increased production of value-added products such as gasoline, jet fuel and petrochemical feedstock, its gasoil/gasoline production ratio dropped to 1.03. In the first half of the year, Sinopec processed 124 mil mt of crude oil, an increase of 2.7% on year. Production of oil products rose 3.4% on year to 78.94 mil mt with production of gasoline and kerosene increasing 4.3% and 7.9% respectively.

In its sales business, revenues were up 3.5% from the same period last year to 691.8 billion yuan, due mainly to an increase in sales of petroleum products. Sales revenues rose by 1.3% on year to 337.6 billion yuan for gasoline, by 4.1% to 236.6 billion yuan for gasoil and by 8.8% to 55.4 billion yuan for kerosene.

As of end-June 2019, Sinopec has 30,674 gasoline stations, up 13 stations from the end of 2018. Sinopec’s total sales of oil products in the first half of this year rose 9.6% to 126.91 mil mt.

 

 

 

 

 

 

 

 

 

Beijing : Energy Desk  Ma Dongwei  +86-10-6498-0455
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