Sinopec’s Q1 profit falls despite chemical segment growth
by ChemOrbis Editorial Team - content@chemorbis.com
Sinopec Group reported a 25% decline in first-quarter profit as lower revenues weighed on its performance. Net profit attributable to shareholders dropped to RMB 13.98 billion ($1.91 billion) from RMB 18.72 billion ($2.56 billion) a year earlier. Operating profit fell 23.5% to RMB 20.90 billion ($2.85 billion), while revenues slid 7% year over year to RMB 735.36 billion ($100.7 billion).
In the chemical segment, revenue rose by 2.8% on year to RMB 101 billion ($13.8 billion) during the first quarter, despite a challenging environment marked by rising domestic capacity and low margins. The unit’s operating loss narrowed to RMB 1.3 billion ($178 million) from RMB 1.8 billion ($246 million) in the same period last year.
Total chemical sales rose 2.4% year over year to 19.9 million metric tons (MMt), supported by strong growth in key products. Ethylene output jumped 17.7% to 3.8 MMt.
In the chemical segment, revenue rose by 2.8% on year to RMB 101 billion ($13.8 billion) during the first quarter, despite a challenging environment marked by rising domestic capacity and low margins. The unit’s operating loss narrowed to RMB 1.3 billion ($178 million) from RMB 1.8 billion ($246 million) in the same period last year.
Total chemical sales rose 2.4% year over year to 19.9 million metric tons (MMt), supported by strong growth in key products. Ethylene output jumped 17.7% to 3.8 MMt.
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