China Petroleum & Chemical Corporation — Sinopec — has announced its annual results for the year ended 31 December, 2008.
Operating income amounted to RMB 1.452 trillion, representing an increase of 20.52% over 2007. Net profit attributed to equity shareholders of the parent company was RMB 29.69 billion, representing a decrease of 47.47% over the previous year.
Basic earnings per share was RMB 0.342, down by 47.47%.
Operating income and other income increased by 4.19% year on year to RMB1.502 trillion in 2008. Net profit for the period attributed to equity shareholders of the company was RMB29.77 billion, down by 47.34% compared to 2007. Basic earnings per share was RMB0.343, down by 47.34%.
The board of directors proposed a final dividend of RMB0.09 per share, making an annual dividend of RMB0.12 per share.
According to the preliminary calculations, the net profit for the first quarter of 2009 will increase by more than 50% compared to the
Mr. Su Shulin was further reported by Fox Business as saying, ‘Despite the difficult market environment in both domestic and international markets in 2009, we see favorable opportunities.
Firstly, the Chinese government’s economic stimulus policies have created opportunities for the Company to expand the market of refined oil and petrochemical products.
Secondly, the improved pricing mechanism for refined oil products will help the Company’s refining segment to turn around the loss it suffered in the past years, regain its position as a major revenue contributor and boost our overall profitability.’