Sinopec Corp.(00386)2025-03-23 10:08Financial Performance - The total operating revenue for 2024 was RMB 3,074,562 million, a decrease of 4.3% compared to RMB 3,212,215 million in 2023[8] - The net profit attributable to shareholders of the parent company for 2024 was RMB 50,313 million, down 16.8% from RMB 60,463 million in 2023[8] - The basic earnings per share for 2024 was RMB 0.415, a decline of 17.8% compared to RMB 0.505 in 2023[9] - The cash flow from operating activities for 2024 was RMB 149,360 million, down 7.5% from RMB 161,475 million in 2023[8] - The company's net profit attributable to shareholders was RMB 48,939 million, down 16.0% from RMB 58,310 million in 2023[21] - The operating profit for 2024 was RMB 70.69 billion, representing an 18.6% decrease year-on-year[87] - The profit attributable to the company's shareholders was RMB 48.94 billion, down 16.1% year-on-year[87] - The main business revenue for 2024 was RMB 3,015.32 billion, down 4.2% compared to 2023, primarily due to declines in product prices and sales volumes[88] Assets and Liabilities - The total assets as of December 31, 2024, increased to RMB 2,084,771 million, reflecting a growth of 2.9% from RMB 2,026,674 million in 2023[8] - The total liabilities as of December 31, 2024, rose to RMB 1,108,478 million, an increase of 3.8% from RMB 1,068,019 million in 2023[8] - The company reported a debt-to-asset ratio of 53.17% as of December 31, 2024, up from 52.70% in 2023[10] - Non-current liabilities amounted to RMB 435.24 billion, up RMB 14.3 billion from the previous year, mainly attributed to the issuance of low-cost long-term bonds[150] - The company's equity attributable to shareholders increased to RMB 815.815 billion, up RMB 12.826 billion[130] Dividends - The company proposed a final cash dividend of RMB 0.14 per share for 2024, in addition to an interim dividend of RMB 0.146 per share already distributed[4] - The board proposed a final cash dividend of 0.14 RMB per share, resulting in a total annual cash dividend of 0.286 RMB per share, with a profit distribution ratio of 75% when combined with the interim dividend[28] - The company has implemented a three-year shareholder dividend plan (2024-2026) to maintain a high cash dividend ratio[156] Operational Highlights - The company achieved a revenue of 3.07 trillion RMB and a net profit attributable to shareholders of 48.94 billion RMB, with operating cash flow of 149.36 billion RMB and a debt-to-asset ratio of 53.3%[28] - The company achieved an oil and gas equivalent production of 515.35 million barrels, a year-on-year increase of 2.2%[51] - Domestic crude oil production reached 254.00 million barrels, reflecting a 0.9% increase compared to the previous year[51] - The total crude oil processing volume for 2024 was 252.30 million tons, a decrease of 2.0% compared to 257.52 million tons in 2023[63] - The total sales volume of refined oil products was 239.33 million tons in 2024, slightly up by 0.1% from 239.05 million tons in 2023[67] Investment and Expenditures - The company plans to invest CNY 164.3 billion in capital expenditures for 2025, focusing on high-quality exploration, refining upgrades, and new energy projects[44] - In 2024, the company achieved a capital expenditure of RMB 175 billion, with RMB 82.3 billion allocated to exploration and development, RMB 29.3 billion to refining, RMB 14.1 billion to marketing and distribution, and RMB 44.7 billion to the chemical sector[74] ESG and Sustainability - The company is focusing on ESG governance, with a commitment to carbon peak actions and a reduction in comprehensive energy consumption and major pollutant emissions[34] - The company is advancing its digital transformation with the launch of an intelligent operation center 2.0 and a digital twin-based smart ethylene plant[31] - The company is set to focus on sustainable development and the promotion of high-quality growth as it approaches its 25th anniversary of listing in 2025[34] - The company emphasizes the integration of ESG (Environmental, Social, and Governance) factors into its development strategy and major decision-making processes[199] Governance and Management - Sinopec's board consists of 12 members, including 6 executive directors and 6 non-executive directors, with independent non-executive directors making up approximately 33% of the board[180] - The company has established a performance evaluation and incentive mechanism for senior management to ensure transparency and fairness[166] - Sinopec's governance framework aims to create long-term value for stakeholders through strategic planning and execution[172] - The independent non-executive directors have confirmed their independence in accordance with Hong Kong listing rules[180] - Sinopec has purchased liability insurance for directors to mitigate potential losses arising from their duties[185]