Sinopec's Net Profit Likely Rose Despite Lower Oil Prices in 2023 -- Earnings Preview

Dow Jones03-22

By Jiahui Huang

China Petroleum & Chemical Corp. is scheduled to report results for 2023 on Monday. Here is what you need to know:

NET PROFIT: The Chinese oil-and-gas producer's full-year net profit is expected at 71.53 billion yuan ($9.94 billion), according to the consensus of 19 analysts polled by FactSet, up 8.1% from 2022.

REVENUE: Sinopec's revenue likely edged 0.8% higher to CNY3.343 trillion, according to FactSet.

The company's Hong Kong-listed shares fell 4.4% in the fourth quarter and are up 8.1% year to date. Its Shanghai-listed shares shed 8.1% in the fourth quarter and are 10% higher this year.

WHAT TO WATCH:

--CAPEX: The company guided for 2023 capital expenditure of CNY165.8 billion. Investors will be watching the company's spending given last year's oil-price weakness.

--DIVIDEND: Investors will keep an eye on its dividend payouts and share-buyback plans, Morningstar senior equity analyst Chokwai Lee said. The analyst expects Sinopec to pay out 70% of its earnings as dividends in 2023.

--REFINING MARGIN: The integrated oil producer's refining margin, a measure of profitability, will be scrutinized. Its refining margin was CNY344 a metric ton in 2022.

Write to Jiahui Huang at jiahui.huang@wsj.com

(END) Dow Jones Newswires

March 22, 2024 00:13 ET (04:13 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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Here is what you need to know: \n</p>\n<pre>\n \n</pre>\n<p>\n  NET PROFIT: The Chinese oil-and-gas producer's full-year net profit is expected at 71.53 billion yuan ($9.94 billion), according to the consensus of 19 analysts polled by FactSet, up 8.1% from 2022. \n</p>\n<p>\n  REVENUE: Sinopec's revenue likely edged 0.8% higher to CNY3.343 trillion, according to FactSet. \n</p>\n<p>\n  The company's Hong Kong-listed shares fell 4.4% in the fourth quarter and are up 8.1% year to date. Its Shanghai-listed shares shed 8.1% in the fourth quarter and are 10% higher this year. \n</p>\n<pre>\n \n</pre>\n<p>\n  WHAT TO WATCH: \n</p>\n<p>\n  --CAPEX: The company guided for 2023 capital expenditure of CNY165.8 billion. Investors will be watching the company's spending given last year's oil-price weakness. \n</p>\n<p>\n  --DIVIDEND: Investors will keep an eye on its dividend payouts and share-buyback plans, Morningstar senior equity analyst Chokwai Lee said. 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Here is what you need to know: \n\n\n \n\n\n  NET PROFIT: The Chinese oil-and-gas producer's full...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"600028","symbol_name":"中国石化","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2421831472","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2421831472","pubTimestamp":1711080780,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"China Petroleum & Chemical Corp. is scheduled to report results for 2023 on Monday. Here is what you need to know:. 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Here is what you need to know: \n\n\n \n\n\n  NET PROFIT: The Chinese oil-and-gas producer's full-year net profit is expected at 71.53 billion yuan ($9.94 billion), according to the consensus of 19 analysts polled by FactSet, up 8.1% from 2022. \n\n\n  REVENUE: Sinopec's revenue likely edged 0.8% higher to CNY3.343 trillion, according to FactSet. \n\n\n  The company's Hong Kong-listed shares fell 4.4% in the fourth quarter and are up 8.1% year to date. Its Shanghai-listed shares shed 8.1% in the fourth quarter and are 10% higher this year. \n\n\n \n\n\n  WHAT TO WATCH: \n\n\n  --CAPEX: The company guided for 2023 capital expenditure of CNY165.8 billion. Investors will be watching the company's spending given last year's oil-price weakness. \n\n\n  --DIVIDEND: Investors will keep an eye on its dividend payouts and share-buyback plans, Morningstar senior equity analyst Chokwai Lee said. The analyst expects Sinopec to pay out 70% of its earnings as dividends in 2023. \n\n\n  --REFINING MARGIN: The integrated oil producer's refining margin, a measure of profitability, will be scrutinized. 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