SINOPEC SHANGHAI PETROCHEMICAL COMPANY LIMITED
Jinlian Petrochemical Storage and Transportation Co., Ltd., and participation in Pinghu China Aviation Oil Port Co.,
Ltd. to meet the current operation and future development needs of the Company's storage and transportation system. The
Group further worked to advance the integration of production, marketing, research and application of new products. No.
92 China VIB grade automotive gasoline was successfully blended and produced for the first time, with a cumulative
sales volume of 44,600 tons. The Group also completed a synthetic resin import substitution project. Success was seen
in developing large-diameter, low-melting and pressure-bearing pipe products, with an accumulated sales volume of
3108.6 tons. The export business of chemical products seen good expansion. The new high-endurance polyester engineering
plastic and its application won the CIFF New Material Award at the International Industry Fair. Furthermore, the Group
also steadily promoted the eight projects that included different areas such as intelligent factory construction and
promotion, the upgrade of real-time database to the acceptance benchmark. Projects such as smart warehousing,
contractor and direct operation management platform were also went online.
Business plans in 2021
In 2021, the Group will continue to adhere to the market-oriented, efficiency-centred strategy, and to consolidate the
foundation of environmental protection, continue to optimize production and operation, improve corporate governance
efficiency with a focus on building talent teams, to achieve high-quality development of the Company and strive to
create better economic benefits. In 2021, the Company is looking to process a total of 14.20 million tons of crude oil
and produce a total of 8.69 million tons of refined oil, 0.75 million tons of ethylene, 0.49 million tons of
paraxylene, 0.42 million tons of polyethylene, 0.43 million tons of polypropylene, 0.30 million tons of purified
terephthalic acid, 0.25 million tons of ethylene glycol, 0.03 million tons of polyester fiber and 0.10 million tons of
acrylic fiber.
Wu Haijun, Chairman of Sinopec Shanghai, said: "The key components of the Group's development strategy are as follows:
to take into account both low cost and differentiation, and to focus on both scale and refinement. The Company foscuses
on value and market orientation, creativity, talents as the backbone of the Company, the emphasis of environment and
low carbon emissions and integrated development, to realize low cost and large scale of the upstream, and high
value-added and refinement of the downstream. The Company will give full play to its advantages of wide product chain,
diversified products and close monitoring of the market to enhance competitiveness.
In accordance with the "3060" national carbon emission requirement, the Company's ultimate goal is to ensure "zero
carbon emissions" and guarantee coordination of carbon reduction and transformation and development. The Company
promoted the construction of large ton carbon fibre, hundred-ton high performance carbon fibre pilot plant project, 3rd
circuit 220 kV power supply line project. We will speed up the construction of hydrogen energy demonstration projects
and launch the thermoplastic elastomer project. The Company shall emphasis on tackling key core technologies such as
carbon fiber, and increase investment in research and development, and improve the collaborative innovation mechanism.
The Company shall also explore opportunities in differentiated high value-added products, and strive to build a new
material industry cluster with the carbon fiber industry as the core and utilize polyester, polyolefin, elastomer, C5
downstream fine chemical new materials as the keys to seek breakthroughs and developments. The Company also vigorously
promote the construction of a data governance system and the application of advanced control and optimization
technologies, and deepen the application of intelligent security, with promoting the construction of an integrated
platform for intelligent marketing, and accelerate the advancement of digital transformation."
The End
About Sinopec Shanghai Petrochemical Company Limited
Sinopec Shanghai Petrochemical Company Limited is one of the major comprehensive petrochemical enterprises integrated
refinery and petrochemical capacity in the People's Republic of China. It is also one of the major domestic producers
of ethylene. Ethylene is one of the most important intermediate petrochemical products used in the production of
synthetic fibres, resins and plastics. Located at Jinshanwei in the southwest of Shanghai, the Company is a highly
integrated petrochemical enterprise which processes crude oil into a broad range of petroleum products, intermediate
petrochemical products, resins and plastics, and synthetic fibres. The Company sells most of its products within the
PRC market and derives most of its revenues from customers in Eastern China, one of the fastest growing regions in the
PRC. Relying on the competitive advantage of its high degree of integration, the Company is optimizing its product mix,
improving the quality and variety of its existing products, upgrading technology and increasing the capacity of its key
upstream plants. In 1993, the Company became the first company incorporated under the laws of the PRC to make a global
equity offering, and its shares were listed on the Shanghai Stock Exchange, the Hong Kong Stock Exchange and the New
York Stock Exchange. Since the listing of its shares, the Company has strived to continuously improve and enhance its
operation and management efficiency with an aim to build itself into a "leading domestically, first-class globally"
energy and chemical and new material enterprise.
Investor and Media Enquiries:
PRChina Limited
Alice Yip / Jack Liu
Tel: (852) 2522 1368 / (852) 6852 8423
Email: ayip@prchina.com.hk / zliu@prchina.com.hk
Sinopec Shanghai Petrochemical Company Limited
2020 Annual Results
(Prepared under International Financial Reporting Standards)
Consolidated Income Statement
For the year ended 31 December
2020 2019
RMB'000 RMB'000
74,623,575 100,269,667
Revenue
Taxes and surcharges (13,062,710) (12,213,927)
Net sales 61,560,865 88,055,740
Cost of sales (61,901,114) (86,467,995)
(340,249) 1,587,745
Gross (loss)/profit
Selling and administrative expenses (486,323) (549,885)
Net impairment losses on financial assets 120,916 59
Other operating income 148,676 150,714
Other operating expenses (24,686) (21,925)
Other gains - net 115,430 153,864
(466,236) 1,320,572
Operating (loss)/profit
Finance income 431,228 416,747
Finance expenses (98,954) (53,784)
332,274 362,963
Finance income - net
Share of net profit of associates and joint ventures
724,740 972,593
accounted for using the equity method
590,778 2,656,128
Profit before income tax
Income tax benefit/(expense) 65,620 (428,963)
Profit for the year 656,398 2,227,165
Profit attributable to:
? Owners of the Company 645,072 2,215,728
? Non-controlling interests 11,326 11,437
656,398 2,227,165
Earnings per share attributable to owners of
the Company for the year (expressed in
RMB per share)
Basic earnings per share RMB 0.060 RMB 0.205
Diluted earnings per share RMB 0.060 RMB 0.205 25/03/2021 Dissemination of a Marketing Press Release, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. Media archive at www.todayir.com
(END) Dow Jones Newswires
March 24, 2021 22:16 ET (02:16 GMT)
