Sinopec Profit Fell in 2023 Amid Oil Market Volatility
By Tracy Qu
China Petroleum & Chemical Corporation, or Sinopec, posted a drop in net profit for 2023 amid volatility in global oil prices, a market trend it thinks will persist this year.
Profit fell 13% to 58.31 billion yuan ($8.07 billion) for the year ended December 31, 2023, from CNY66.93 billion a year earlier.
Revenue came in at CNY3.21 trillion, declining from CNY3.32 trillion in 2022. The company attributed the fall to lower crude-oil prices.
The company said it expects international oil prices to "fluctuate at medium to high levels" in 2024 due to changes in supply and demand dynamics, geopolitics, and inventory levels. Domestic demand for natural gas, refined oil products and chemicals will likely continue to grow as the Chinese economy recovers, it said.
Sinopec's Hong Kong-listed shares closed 2.8% lower on Friday, taking 12-month losses to 5.1%.
Write to Tracy Qu at tracy.qu@wsj.com
(END) Dow Jones Newswires
March 24, 2024 21:06 ET (01:06 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What History Tells Us About the Fed’s Next Move
-
What’s Happening In the Markets This Week
-
Alphabet’s New Dividend: What Investors Need to Know
-
Going Into Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?
-
What’s the Difference Between the CPI and PCE Indexes?
-
5 Stocks to Buy That We Still Like After They’ve Run Up
-
Markets Brief: Stocks Are Starting to Look Cheap Again
-
AbbVie Earnings: Next-Generation Immunology Drugs Help Offset Humira Biosimilar Pressure
-
Exxon Earnings: Ignore Earnings Shortfall as Long-Term Growth and Improvement on Track
-
American Airlines Earnings: We See Costs Overshadowing Market Share This Year
-
Snap Earnings: Advertising Growth and Snapchat+ Drive Monetization
-
STMicro Earnings: We Still See an Attractive Margin of Safety Despite a Poor First-Half Forecast
-
Alphabet Shares Surge on Strong Earnings, Dividend Surprise
-
Microsoft Earnings: Firm Beats Forecasts on Strong AI and Cloud Demand
-
PG&E Earnings: Near-Term Regulatory Certainty Supports Industry-Leading Earnings Growth