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    386   CNE1000002Q2

CHINA PETROLEUM & CHEMICAL CORPORATION

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China Petroleum & Chemical : Sinopec posts $6 billion first-half profit on rebounding oil prices, better demand

08/29/2021 | 09:32am EST
The company logo of China’s Sinopec Corp is displayed at a news conference in Hong Kong

(Corrects dateline to Aug 29, no change to story text)

BEIJING (Reuters) - China Petroleum & Chemical Corp on Sunday reported a 39.15 billion yuan ($6.05 billion) net profit for the first six months of 2021 on the back of renewed fuel demand and a rebound in oil prices amid a recovery from the impact of COVID-19.

Asia's biggest oil refiner, known as Sinopec, posted a 23 billion yuan loss during January-June last year as the coronavirus pandemic walloped fuel demand and knocked oil prices. The 2021 interim profit compares with a 31.338 billion yuan profit in the same period in 2019.

Revenue in the first six months rose 22.1% from last year's low base to 1.26 trillion yuan, following a recovery in global oil prices and robust demand for fuel and petrochemical products.

During the period, Sinopec processed a total of 126.11 million tonnes crude oil, up 13.7% on a year earlier, with gasoline output increasing by 20.8% as more people drove as China recovered from the COVID-19 shock.

Ethylene production also jumped 11.9% in the first six months from a year ago to 6.46 million tonnes, as the company upgrades its refineries to churn out more high-end petrochemical raw materials and slashes low value-added fuel products.

Sinopec produced 138.15 million barrels of crude oil, down 1.5% year-on-year, while its natural gas output rose 13.7% to 582.6 billion cubic feet.

Capital expenditure for the half-year came in at 57.94 billion yuan, about 35% of its full-year investment plan of 167.2 billion yuan.

(Reporting by Muyu Xu,Stella Qiu and Ryan Woo; editing by Richard Pullin)


© Reuters 2021
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Financials
Sales 2021 2 679 B 423 B 423 B
Net income 2021 75 144 M 11 870 M 11 870 M
Net cash 2021 52 878 M 8 353 M 8 353 M
P/E ratio 2021 6,54x
Yield 2021 8,80%
Capitalization 608 B 78 145 M 96 102 M
EV / Sales 2021 0,21x
EV / Sales 2022 0,20x
Nbr of Employees 384 065
Free-Float -
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Mean consensus BUY
Number of Analysts 19
Last Close Price 4,13 CNY
Average target price 4,23 CNY
Spread / Average Target 2,50%
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Managers and Directors
Bao Cai Yu President & Executive Director
Dong Hua Shou Chief Financial Officer
Yong Sheng Ma Chairman
Shao Feng Zhang Chairman-Supervisory Board
Hong Bin Cai Independent Non-Executive Director
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