Sinopec Q3 profit jumps 63.6%, first nine-month earnings up 25.3%
Sinopec reported a 63.6 per cent rise in third-quarter profit to 13.6 billion yuan and a 25.3 per cent increase in first-nine-month earnings to 40.17 billion yuan. Oil and gas output edged up 0.6 per cent to about 397 million barrels of oil equivalent.
Chinese state-owned oil and gas giant Sinopec posted a 63.6 per cent year-on-year increase in net profit for the third quarter, reaching 13.6 billion yuan (US$1.9 billion), according to international financial reporting standards. Revenue for the July-September period rose 9.3 per cent to more than 769.7 billion yuan.
For the first nine months of the year, Sinopec's net profit climbed 25.3 per cent to 40.17 billion yuan, while revenue grew 4.4 per cent to 2.21 trillion yuan. The company said most of its business segments recorded pre-tax profits, with only the chemicals division posting a pre-tax loss of 1.69 billion yuan.
Sinopec's total oil and gas output in the first three quarters was approximately 397 million barrels of oil equivalent, up 0.6 per cent from a year earlier. The realised crude oil price averaged US$81.92 per barrel, a 23.4 per cent increase, while natural gas prices rose 5.1 per cent.
The company attributed its improved earnings to a widening spread in refining and petrochemical product margins, as well as increased production of higher-value products such as aviation fuel, naphtha and other refining by-products. It also noted that higher crude oil prices contributed to inventory gains.
Sinopec's results reflect the broader trend in China's energy sector, where rising global oil prices and robust domestic demand have bolstered profitability for major refiners. The company continues to focus on optimising its product mix and enhancing operational efficiency to sustain growth.