Sinopec posts 54% jump in H1 net profit
Print Edition
China Petroleum and Chemical Corporation yesterday reported a 53.6 percent jump in net profit for the first half of 2018 on strong energy demand and higher oil prices.
The company, also known as Sinopec, turned in a 41.6 billion yuan (US$6.1 billion) net profit between January and June, according to financial results filed to the Shanghai Stock Exchange.
Its revenue rose 11.5 percent year on year to 1.3 trillion yuan in the first half of the year.
Sinopec attributed its performance to China鈥檚 steady economic growth along with rising demand for oil and natural gas, in addition to higher oil prices.
In the first half, global oil prices kept rising despite fluctuations, with the spot price of Brent crude oil surging 36.2 percent year on year to US$70.55 per barrel.
For the second half of the year, Sinopec saw the Chinese economy growing steadily with increasing domestic demand for refined oil products and petrochemical products. Demand for natural gas is also set to rise rapidly as the country adjusts its energy structure, it said.
Sinopec shares added 0.91 percent to 6.63 yuan in Shanghai on Friday.
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