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Sinopec Announces 2024 Results with 75% Profit Distribution Ratio

Sinopec delivered strong 2024 results with 75% profit distribution and record operational performance across gas production and refining metrics.

Published

3개월 ago

04/02/2025

mobi

Achieves Record Highs in Gas Production and Refining Volumes

Sinopec (HKG: 0386) reported 2024 operating revenue of RMB 3.07 trillion (USD 422.74 billion) under IFRS, with net profit attributable to shareholders reaching RMB 48.94 billion (USD 6.74 billion) and EPS of RMB 0.404. The company strengthened shareholder returns with a planned RMB 0.286/share (tax-inclusive) cash dividend, bringing the annual payout ratio to 75% including share repurchases.

Key 2024 operational highlights set historic records:

Oil & gas equivalent output: 515.35 million barrels (natural gas: 140.04 bcf, +4.7% YoY)
Domestic reserve replacement ratio: 144%
Crude processing volume: 252 million tonnes (jet fuel output +8.6% YoY)
PX production hit all-time high; ethylene output reached 13.47 million tonnes
Total refined oil product sales: 239 million tonnes

Sinopec's strategic development of the Hai 301 — Sinopec’s strategic development of the Hai 301 well in the Haizhong Sag of the Beibu Gulf Basin has led to significant oil and gas production, with the well producing 1,108 cubic meters and 167 cubic meters of oil equivalent per day from two separate formations. (image. SINOPEC)

As an integrated energy provider, Sinopec expanded its network to over 1,000 LNG/CNG stations and 10,000 EV charging/swapping points while advancing hydrogen mobility and marine fuel markets.

Technologically, Sinopec commissioned the world’s first cyclohexanone production unit and a digital twin-based smart ethylene plant. It completed China’s first industrial-scale seawater-to-hydrogen project and secured 5,550 patents out of 9,666 applications.

Environmental initiatives saw a 20.1% YoY increase in carbon capture and the successful “Beijing-Shanghai Hydrogen Corridor” project. Comprehensive energy consumption per RMB 10,000 output dropped 4.9%.

President Ma Yongsheng stated: “Amid China’s economic recovery, we’ll accelerate high-quality, green transformation to create sustainable value for shareholders and society.”