Movement Alert｜SINOPEC CORP Intraday Rise 3.82% in Regular Trading, third-quarter earnings beat expectations

Market Focus10-30

On October 30, SINOPEC CORP recorded an Intraday Rise of 3.82% in Regular Trading, trading at HK$4.72, with turnover of HK$253 million.

The move followed the company’s latest third-quarter results, which showed profit growth well ahead of market expectations and reinforced expectations for a recovery in refining and chemicals profitability.

For the third quarter, revenue was RMB769.74 billion, up 9.3% year over year, while net profit attributable to shareholders reached RMB13.36 billion, up 57.2%. For the first three quarters, revenue totaled RMB2.21 trillion, up 4.4%, and net profit attributable to shareholders rose 30% to RMB38.99 billion. Under IFRS, third-quarter profit attributable to shareholders was RMB13.60 billion, up 63.6%.

The company said earnings growth was supported by improved refining and chemical spreads, higher output of higher-value products such as jet fuel and refining by-products, and inventory gains driven by higher crude prices.

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