China's petrochemical corp Sinopec reports H1 revenue of RMB 37 bn

China Petroleum & Chemical Corporation (Sinopec), a petrochemical conglomerate, has reported 4.1 per cent revenue growth to RMB 37.0 billion in the first half (H1) of FY21 ended on June 30, 2021, against RMB 35.6 billion in the same period of prior fiscal. The company’s net profit for the six-month period rose to RMB 1.2 billion (H1 FY20: loss RMB 1.7 billion).

 

China Petroleum & Chemical Corporation (Sinopec), a petrochemical conglomerate, has reported 4.1 growth in revenue to RMB 37.0 billion in the first half (H1) of FY21 ended on June 30, 2021, against RMB 35.6 billion in the same period of prior fiscal. The company's net profit for the six-month period rose to RMB 1.2 billion (H1 FY20: loss RMB 1.7 billion).#

“In the first half of 2021, the global economy gradually recovered from the recession caused by COVID-19, but the pace of recovery varied across countries,” the company said in a statement. “Petrochemical industry got off to a good start with substantial growth in revenue and profits. There was an increase in the production quantity and consumption.”

 

China Petroleum & Chemical Corporation (Sinopec), a petrochemical conglomerate, has reported 4.1 growth in revenue to RMB 37.0 billion in the first half (H1) of FY21 ended on June 30, 2021, against RMB 35.6 billion in the same period of prior fiscal. The company's net profit for the six-month period rose to RMB 1.2 billion (H1 FY20: loss RMB 1.7 billion).#

Gross profit during H1 FY21 improved to RMB 0.8 billion (loss: RMB 2.6 billion), while profit before taxation rose to RMB 1.5 billion (loss: RMB 2.3 billion).

 

China Petroleum & Chemical Corporation (Sinopec), a petrochemical conglomerate, has reported 4.1 growth in revenue to RMB 37.0 billion in the first half (H1) of FY21 ended on June 30, 2021, against RMB 35.6 billion in the same period of prior fiscal. The company's net profit for the six-month period rose to RMB 1.2 billion (H1 FY20: loss RMB 1.7 billion).#

Segmentally, Sinopec's petroleum products revenue rose to RMB 26.2 billion, and synthetic fibres revenue totalled to RMB 0.8 million.

 

China Petroleum & Chemical Corporation (Sinopec), a petrochemical conglomerate, has reported 4.1 growth in revenue to RMB 37.0 billion in the first half (H1) of FY21 ended on June 30, 2021, against RMB 35.6 billion in the same period of prior fiscal. The company's net profit for the six-month period rose to RMB 1.2 billion (H1 FY20: loss RMB 1.7 billion).#

“The structural contradictions in the chemical industry are still prominent, and the pressure on the upgrading and transformation of the industry is increasing. In the second half of the year, new domestic production capacity will be released intensively, and the market competition will be more intense,” the China-based energy firm added. “However, China's economy is expected to achieve better growth. On the whole, it is estimated that the production capacity increment will be slightly higher than the demand increment, and the gross profit of chemical products will be narrowed.”