Sinopec's Net Profit Declined on Higher Costs

Dow Jones04-29

By Kimberley Kao

China Petroleum & Chemical's first-quarter net profit fell 8.9% on year on rising raw material costs.

Net profit for the quarter ended March was 18.32 billion yuan ($2.53 billion), while revenue fell 0.2% on year to CNY789.97 billion, the Chinese state-owned oil-and-gas major, also known as Sinopec, said Sunday.

Total capital expenditure of CNY20.5 billion was mainly for crude and natural gas production gas building, it said.

Sinopec said while domestic demand for refined oil products and natural gas grew in the quarter, the margins for chemical products were low, due to surplus production capacity and rising input prices.

Sinopec also said it will continue its share buyback plans. The company has been repurchasing its A and H shares since November 2023.

Write to Kimberley Kao at kimberley.kao@wsj.com

(END) Dow Jones Newswires

April 28, 2024 21:11 ET (01:11 GMT)

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