[ET Net News Agency, 28 January 2022] China Petroleum & Chemical Corporation (00386)
said under the PRC Accounting Standards for Business Enterprises, the net profit
attributable to equity shareholders of the company for 2021 is estimated to increase by an
amount between RMB34 billion and RMB40 billion, representing an increase between
approximately 103% and 122%, as compared with the corresponding period of the previous
year.
In 2021, international crude oil prices rose substantially year over year, the domestic
economy recovered steadily, and the demand for petroleum and petrochemical products
recovered. The company seized the favourable market opportunities, continued to conduct
in-depth optimization of the whole value chain with a market-oriented approach, vigorously
pursued market development and sales expansion, strengthened the cost control, and
significantly improved the gross profit of principal businesses. As a result, the company
achieved the highest net profit attributable to the equity shareholders in the past ten
years. (RC)
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Sinopec Corp (00386) sees 103-122% increase in year profit
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