Sinopec's 2024 Interim Results Revenue, Profits, Dividends and More
TapTechNews August 26th news, Sinopec released its 2024 interim results report on August 25th. According to the International Financial Reporting Standards:
In the first half of 2024, Sinopec achieved a revenue of 1.58 trillion Chinese yuan (about $224 billion), with a year-on-year decrease of 1.1%.
The profit attributable to shareholders of the company was 37.1 billion Chinese yuan (about $5.27 billion), with a year-on-year increase of 2.6%.; the basic earnings per share was 0.307 Chinese yuan.
According to Chinese accounting standards, the net profit attributable to the parent company's shareholders was 35.703 billion Chinese yuan (about $5.07 billion), with a year-on-year increase of 1.7%.; the basic earnings per share was 0.296 Chinese yuan.
The board of directors of Sinopec decided to distribute a cash dividend of 0.146 Chinese yuan per share according to the upper limit of the interim dividend ratio. According to Chinese accounting standards, the dividend ratio reached 49.8%. At the same time, the board approved the share buyback plan to actively maintain the company's value.
The board of directors of Sinopec also approved the Improving Quality, Increasing Efficiency and Rewarding Heavily action plan and proposed that in the next three years (2024 - 2026), the company's annual cash dividend ratio will not be less than 65%.
Learned from Sinopec's financial report by TapTechNews, the company's oil and gas equivalent production in the first half of 2024 was 258 million barrels of oil equivalent, with a year-on-year increase of 3.1%.
In the first half of 2024, the total marketing volume of refined oil products of Sinopec was 119 million tons, with a year-on-year increase of 2.1%, among which the total marketing volume of refined oil products in China was 90.14 million tons.
By product, in the main business of Sinopec in the first half of 2024:
The revenue of gasoline was 439.583 billion Chinese yuan (about $62.42 billion), with a year-on-year increase of 4.01%, accounting for 27.89% of the revenue;
The revenue of diesel was 326.697 billion Chinese yuan (about $46.51 billion), with a year-on-year decrease of 4.39%, accounting for 20.73% of the revenue;
The revenue of crude oil was 206.141 billion Chinese yuan (about $29.24 billion), with a year-on-year decrease of 17.13%, accounting for 13.08% of the revenue.