Sinopec Corp.(00386)2023-10-26 12:13Financial Performance - For the three months ending September 30, 2023, the operating revenue was RMB 876,259 million, a 4.2% increase compared to the same period in 2022[4]. - The net profit attributable to shareholders of the parent company for the same period was RMB 17,855 million, representing a 34.0% increase year-on-year[4]. - The net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was RMB 16,624 million, a 31.0% increase compared to the previous year[4]. - The basic earnings per share for the third quarter was RMB 0.149, reflecting a 35.5% increase from the same period last year[4]. - The net cash flow from operating activities for the nine months ending September 30, 2023, was RMB 98,309 million, a 65.9% increase year-on-year[4]. - Total revenue for the three months ended September 30, 2023, was RMB 876,259 million, an increase of 4.2% compared to RMB 841,196 million for the same period in 2022[6]. - Operating profit for the three months ended September 30, 2023, reached RMB 25,591 million, a significant increase of 97.4% from RMB 12,962 million in the same period last year[6]. - Net profit attributable to shareholders for the three months ended September 30, 2023, was RMB 17,938 million, up 37.7% from RMB 13,028 million in the previous year[6]. - Basic earnings per share for the three months ended September 30, 2023, was RMB 0.150, representing a 38.9% increase from RMB 0.108 in the same period last year[6]. - The company reported a total operating profit of RMB 43,558 million for the first nine months of 2023, down from RMB 45,353 million in the same period of 2022[27]. Assets and Liabilities - Total assets as of September 30, 2023, amounted to RMB 2,084,435 million, a 6.8% increase compared to the end of 2022[4]. - The equity attributable to shareholders of the parent company was RMB 798,988 million, a 1.3% increase from the previous year[4]. - Total assets as of September 30, 2023, amounted to RMB 2,413,435 million, an increase from RMB 2,267,221 million as of December 31, 2022[37]. - Total liabilities increased to RMB 697,515 million as of September 30, 2023, compared to RMB 636,793 million at the end of 2022, marking an increase of about 9.5%[24]. - The total non-current liabilities rose to RMB 437,309 million, compared to RMB 344,194 million at the end of 2022[38]. - The total current liabilities amounted to RMB 436,930 million as of September 30, 2023, slightly down from RMB 438,204 million at the end of 2022, indicating a decrease of about 0.3%[24]. Cash Flow - The company's cash received from operating activities decreased by 48.4% year-on-year to RMB 109.031 billion, primarily due to a reduction in derivative business margin[10]. - The net cash flow from operating activities for the nine months ended September 30, 2023, was RMB 54,094 million, a significant increase from RMB 22,696 million in the same period of 2022, representing a growth of approximately 138%[30]. - The total cash inflow from financing activities was RMB 334,793 million, while cash outflow was RMB 294,427 million, resulting in a net cash flow of RMB 40,366 million for the nine months ended September 30, 2023[30]. - The company's cash inflow from investment activities was RMB 59,168 million, while cash outflow was RMB 113,285 million, resulting in a net cash flow of RMB (54,117) million for the nine months ended September 30, 2023[30]. Segment Performance - The exploration and development segment reported an operating profit of RMB 39,178 million for the nine months ended September 30, 2023, compared to RMB 43,591 million in the same period of 2022, showing a decline of 10.5%[43]. - The refining segment's operating profit decreased to RMB 18,963 million for the nine months ended September 30, 2023, from RMB 20,849 million in the same period of 2022, a decline of 9%[43]. - The marketing and distribution segment achieved an operating profit of RMB 24,348 million for the nine months ended September 30, 2023, compared to RMB 21,120 million in the same period of 2022, representing an increase of 15.5%[43]. - The chemical segment reported an operating loss of RMB 2,775 million for the nine months ended September 30, 2023, improving from a loss of RMB 4,037 million in the same period of 2022[43]. Research and Development - The company's R&D expenses for Q3 2023 were RMB 3,892 million, up from RMB 2,778 million in Q3 2022, showing an increase of approximately 40.2%[25]. - The company’s research and development expenses for the first nine months of 2023 were RMB 8,555 million, compared to RMB 7,310 million in the same period of 2022, reflecting a 17% increase[27]. Future Plans - The company plans to enhance its exploration and development efforts, focusing on new areas and integrated evaluation exploration, achieving significant breakthroughs in regions like Tarim Basin and Junggar Basin[12]. - The company aims to enhance its integrated energy services by expanding into hydrogen applications and electric vehicle charging services[16]. - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and profitability[35].