Sinopec Corp. Reports Steady Growth in Q1 2024 Amid Market Challenges

China Petroleum & Chemical Corporation, also known as Sinopec Corp., has released its unaudited financial results for the first quarter of 2024, showcasing a revenue of RMB 789.967 billion and a net profit attributable to shareholders of RMB 18.721 billion. These figures represent mild fluctuations compared to the previous year, with the net profit seeing a decline of 9.7% from Q1 2023.

During this period, Sinopec demonstrated robust production outputs. The company reported oil and gas production of 128.78 million barrels of oil equivalent, marking a 3.4% increase year over year. This includes a natural gas output rise of 6.0%. Furthermore, the company processed 63.30 million tonnes of crude oil and sold 59.81 million tonnes of refined oil products, witnessing a growth in both areas.

The financial strength of Sinopec in Q1 also reflects the broader context of China's recovering economy, with GDP up by 5.3%, despite the challenging international oil market and rising raw material prices. The company has actively responded by optimizing production and refining strategies and enhancing market and sales operations, which is crucial in maintaining profitability amidst increasing domestic and international complexities.