China’s Sinopec reports surge in H1 net profit

Aug. 28, 2018

China’s largest refiner Sinopec has reported a 53.6% increase in its net profit for the first half of 2018, the country’s local media sources reported.

Accordingly, the producer’s net profit for the period was up from the CNY27.09 ($3.97 billion) billion recorded in the same period of the previous year and stood at CNY41.6 billion ($6.1 billion) amid a rebound in crude oil prices.

The company’s operating profit from the refining business surged by 32.5% to CNY38.9 billion ($5.70 billion) while the chemical segment posted a 29.7% increase.

The company’s revenue for the first half of the year also rose by 11.5% to CNY1.3 trillion ($190 billion) from the CNY1.16 trillion ($170 billion) from a year ago period.

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