Sinopec Corp.(00386)2025-03-23 10:16Financial Performance - For the year ended December 31, 2024, the total operating revenue was RMB 3,074,562 million, a decrease of 4.3% compared to RMB 3,212,215 million in 2023[12]. - The net profit attributable to shareholders of the parent company was RMB 50,313 million, down 16.8% from RMB 60,463 million in 2023[12]. - The cash flow from operating activities for the year was RMB 149,360 million, a decrease of 7.5% from RMB 161,475 million in 2023[12]. - The basic earnings per share for 2024 decreased by 17.8% to RMB 0.415 from RMB 0.505 in 2023[13]. - The net profit attributable to shareholders of the company for 2024 was RMB 48,939 million, down from RMB 58,310 million in 2023, representing a decline of 16.5%[25]. - The operating profit for 2024 was RMB 70.69 billion, representing an 18.6% decrease year-on-year[91]. - The profit attributable to the company's shareholders was RMB 48.94 billion, down 16.1% compared to the previous year[91]. - The total operating revenue for the company was RMB 307.5 billion, with a decrease of 4.3% year-on-year, while the gross profit margin was 6.8%[157]. Assets and Liabilities - The total assets as of December 31, 2024, amounted to RMB 2,084,771 million, reflecting a 2.9% increase from RMB 2,026,674 million in 2023[12]. - The total liabilities increased by 3.8% to RMB 1,108,478 million in 2024, compared to RMB 1,068,019 million in 2023[12]. - The asset-liability ratio increased to 53.17% in 2024 from 52.70% in 2023, reflecting a rise of 0.47 percentage points[14]. - As of December 31, 2024, total assets amounted to RMB 2,081.44 billion, an increase of RMB 56.74 billion compared to the previous year[130]. - Total liabilities rose to RMB 1,109.293 billion, an increase of RMB 40.406 billion, with current liabilities increasing by RMB 26.161 billion[134]. Dividends and Shareholder Returns - The company proposed a final cash dividend of RMB 0.14 per share (tax included), in addition to the interim dividend of RMB 0.146 per share, totaling RMB 0.286 per share for the year 2024[8]. - The company has implemented a high cash dividend policy and announced a three-year shareholder return plan for 2024-2026[161]. Operational Highlights - The company reported a quarterly operating revenue of RMB 789,967 million in Q1, RMB 786,164 million in Q2, RMB 790,410 million in Q3, and RMB 708,021 million in Q4 for the year 2024[12]. - The company achieved a revenue of 3.07 trillion RMB for the year 2024, with a net profit attributable to shareholders of 48.94 billion RMB[32]. - The company achieved an oil and gas equivalent production of 515.35 million barrels, a year-on-year increase of 2.2%[55]. - Domestic crude oil production reached 254.00 million barrels, reflecting a 0.9% increase compared to the previous year[55]. - 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[67]. Investment and Capital Expenditure - The company plans to invest capital expenditures of 164.3 billion yuan in 2025, focusing on high-quality exploration and development, refining business transformation, and new energy projects[48]. - 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[78]. Market and Industry Position - The company aims to strengthen its market position in the LNG sector, with a leading domestic market share and over 10,000 charging and hydrogen stations established[35]. - The company plans to enhance its marketing and distribution capabilities, aiming for a domestic refined oil sales volume of 178 million tons in 2025[83]. Corporate Governance and Social Responsibility - The company is committed to ESG governance, with ongoing efforts to reduce energy consumption and pollutant emissions[38]. - Sinopec's board has implemented a diversity policy, ensuring a balanced mix of skills, experiences, and backgrounds among its members[186]. - The company achieved a female employee ratio of 29.9% in 2024, promoting gender equality and equal employment opportunities[181]. - The company has initiated a second phase of its green enterprise action plan, focusing on ecological protection and carbon peak actions[161].