China Petroleum & Chemical Corp. (Sinopec) on Monday posted CNY 8.54 billion ($1.2 billion) in internet revenue attributable to shareholders for the third quarter, 52.1 p.c decrease than the identical three-month interval final yr as refining margins and home demand for diesel weakened.
Excluding extraordinary good points and losses, internet revenue for the July–September 2024 quarter stood at CNY 8.39 billion ($1.17 billion). Earnings per share landed at CNY 0.07, in response to a regulatory disclosure.
The state-backed built-in power firm dipped 0.16 p.c to CNY 6.44 ($0.9) Monday and opened at CNY 6.32 ($0.88) Tuesday on the Shanghai Inventory Change. In Hong Kong, it closed Monday at HKD 4.51 ($0.58) and opened Tuesday at HKD 4.37 ($0.56).
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“As a result of [fact that] crude oil costs rose within the third quarter of earlier yr and dropped quickly within the third quarter of this yr, the stock acquire considerably decreased year-on-year, and margin of petroleum and chemical merchandise additionally decreased”, said the submitting on the HKEX portal.
“Going through extreme challenges introduced by the quickly reducing oil costs and narrowing margin of sure merchandise, the Firm adhered to the combination of manufacturing and advertising by carefully following market demand, optimized and adjusted utilization fee and product combine, elevated manufacturing of market-oriented merchandise akin to gasoline and jet gasoline, and diminished the diesel output”, Sinopec stated.
It reported “weak diesel demand and fast progress of electrical autos”, although the corporate can be searching for to capitalize on the electrical transport increase by providing charging companies.
Complete refinery throughput within the third quarter dropped 1.6 p.c year-on-year to 190.69 million metric tons, with diesel output reducing 10.7 p.c.
Whereas whole gross sales of refined oil merchandise, together with abroad operations, elevated 0.6 p.c year-on-year, gross sales in China fell 3.2 p.c to 138.06 million metric tons.
Upstream, Sinopec’s crude oil output within the third quarter elevated 0.3 p.c to 211.29 million barrels, of which 190.42 million barrels got here from China. Pure gasoline manufacturing rose 5.6 p.c to at least one trillion cubic ft.
Sinopec recorded CNY 12.57 billion ($1.62 billion) in working revenue for the third quarter, down 50.9 p.c year-on-year. Internet money circulate from working actions totaled CNY 101.54 billion ($13.07 billion), up 3.3 p.c year-on-year.
It ended the quarter with CNY 595.5 billion ($76.62 billion) in present property together with CNY 170.17 billion ($21.9 billion) in money available and banked money. In the meantime Sinopec’s present liabilities stood at CNY 695.79 billion ($89.53 billion) together with CNY 51.17 billion ($6.58 billion) in short-term loans and CNY 40.63 billion ($5.23 billion) in taxes.
Sinopec stated China Petrochemical Corp. raised its possession by 297.26 million shares between November 2023 and September 2024 and now holds a 68.25 p.c stake in Sinopec.
To contact the writer, electronic mail jov.onsat@rigzone.com
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