China Petrochemical, the parent of Sinopec and Asia's largest oil refiner, recorded a 71.8% year-on-year increase in profits, thanks to international oil price hikes and surging domestic oil product demands.
The company was expected to book a net profit of RMB 22.5 billion (US$2.7 billion) by the end of 2003. Sinopec is listed in Hong Kong, New York and London.
Turnover will exceed RMB 420 billion (US$50.8 billion), officials said, rising more than 10% over a year ago.
The country's oil product demands rose by almost 10% in 2003 as a result of rising car sales, massive infrastructure work, strong petrochemical demands and worsening power shortages. China's oil stocks are at their lowest since 1998.