SINOPEC Engineering Reports Record Annual Results for 2023

SINOPEC Engineering (Group) Co., Ltd. unveiled its annual financial outcomes for the year ended December 31, 2023, marking significant growth in revenue, net profit, and new contracts. The company recorded a revenue of RMB56.221 billion, up by 6% compared to the previous year. Similarly, net profit saw an increase of 2.2%, amounting to RMB2.336 billion. The firm experienced a 10.7% surge in the value of new contracts, reaching an all-time high of RMB80.252 billion.

In alignment with these positive results, SINOPEC Engineering has proposed a final dividend of RMB0.224 per share, leading to a total yearly dividend of RMB0.343 per share, the highest in the company's history with a payout ratio of 65%. The firm's strategic initiatives in market development and technological innovation have significantly contributed to this success. Notably, the diversification into new energy and overseas markets has been identified as a core contributor to the record level of new contracts attained during the reporting period.

Technological advancements showcased by the company include the completion and operation of key projects such as the Anqing RTC and Kuqa Green Hydrogen projects, which highlight SINOPEC's breakthroughs in the new energy sector. The company's dedication towards scientific and technological innovation has been further emphasized through the ramp-up in patent applications and significant research and development achievements.

Looking forward, SINOPEC Engineering is set to continue enhancing its core competitiveness by focusing on technological R&D, expanding its international business, and driving towards a green and low-carbon industrial layout. The firm remains optimistic about its future, aiming to balance opportunities and challenges in the evolving economic landscape.