Sinopec H1 Net Profit Climbs 12%, Interim Dividend Rises 19%
On.cc · 2 SOURCESabout 2 hours ago2 MIN
Summary
Sinopec (stock code: 386), one of China's "three major oil companies," reported interim results for the six months ending June 30, 2024. Net profit reached 265.67 billion yuan, climbing 11.9% year-on-year, while earnings per share stood at 0.22 yuan. The board declared an interim dividend of 0.105 yuan per share, representing a 19.3% increase from the same period last year. The strong performance was driven by elevated crude prices and strategic focus on high-value refined products.
Key Points
- Sinopec posted H1 operating revenue of 1.44 trillion yuan, up 2% year-on-year, with main business revenue of 1.41 trillion yuan rising 2.1%
- Operating profit surged 11.3% to 372.1 billion yuan, fueled by expanded output of aviation fuel and refined oil byproducts
- Refining segment operating profit skyrocketed 381% year-on-year to 170 billion yuan, while crude and kerosene prices climbed 8.7% and 34% respectively
- Capital expenditure totaled 487 billion yuan in H1, with 284 billion yuan allocated to exploration and development
- The company targets H2 production of 142 million barrels of crude oil and 7,462.57 billion cubic feet of natural gas, with planned capex of 829-999 billion yuan
Why It Matters
Sinopec's robust earnings and generous dividend growth signal resilience in China's state-owned energy sector despite volatile global crude markets, offering Hong Kong investors exposure to stable returns from a key commodity giant .
Sinopec's robust earnings and generous dividend growth signal resilience in China's state-owned energy sector despite volatile global crude markets, offering Hong Kong investors exposure to stable returns from a key commodity giant .