Topics : Profits, Oil discoveries
PKIN, March 28, 2024 /PRNewswire/ –ChinaPetroleum&ChemicalCorporation (HKG: 0386, Sinopec) recently filed the annual report 2023 and disclosed the group’s operating income in accordance with International Financial Reporting Standards (IFRS), which reached 3.210 billion yuan ($444.66 billion) with an operating profit of 86.828 billion yuan ($12.03 billion dollars), an increase of 14.5% year-on-year; profit attributable to shareholders amounted to 58.31 billion yuan (8.08 billion dollars) and earnings per share was 0.487 yuan.
In accordance with China’s Accounting Standards for Business Enterprises (ASBE), Sinopec’s net profit attributable to shareholders of the parent company reached 60.463 billion yuan ($8.37 billion), and basic earnings per share rose 0.505 yuan. Sinopec achieved an operational cash flow of 161.475 billion yuan ($22.37 billion) in 2023, an increase of 38.9% from the previous year.
Sinopec achieved record highs in terms of oil and gas equivalent production, crude oil processing volume and total distribution volume of domestic refined petroleum products:
- Production of 70.92 million tons of oil and gas equivalent, an increase of 3.1% year-on-year;
- Production of 37.9 billion cubic meters of natural gas, an increase of 7.1% year-on-year;
- Processing 258 million tons of crude oil, an increase of 6.3% year-on-year;
- Distribution of 188 million tons of refined products in China, an increase of 15.8% year-on-year;
- Production of 14.314 million tonnes of ethylene, an increase of 6.5% year-on-year.
Sinopec takes the lead with an integrated strategy that emphasizes operations optimization, network advantages and continued investment in technology research and development.
Sinopec continues to strengthen its exploration and has achieved major breakthroughs in the Shunbei New Area in the Tarim Basin, deep coalbed methane in the Ordos Basin, and advanced the Deep Earth Project and National Demonstration Zone of Shengli Jiyang shale oil, with a replacement rate of 131% for national oil and gas reserves and an annual profit in terms of LNG activities.
The group is accelerating transformation by making innovation its main driver, increasing investments in R&D to develop core technologies and deepen research. In 2023, Sinopec filed 9,601 domestic and foreign patent applications and received 5,483 authorizations.
In the future, Sinopec will focus more on creating greater values, developing new quality productive forces, promoting transformation and expanding the profit scope to achieve sustainable development, leveraging the benefits of the group which are its complete industrial chain, the market, the brand, the technology and the talents, declared Ma Yongsheng, president of Sinopec.
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Communiqué sent on March 27, 2024 11:07 p.m. and distributed by:
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