Sinopec Corp.(00386)2024-04-28 11:40Financial Performance - For the first quarter of 2024, the company's operating revenue was RMB 789,967 million, a slight decrease of 0.2% compared to RMB 791,331 million in the same period of 2023[4] - The net profit attributable to shareholders of the parent company was RMB 18,316 million, representing a decrease of 8.9% from RMB 20,102 million year-on-year[4] - The net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was RMB 18,186 million, down 7.8% from RMB 19,716 million in the previous year[4] - Basic and diluted earnings per share were both RMB 0.153, down 8.9% from RMB 0.168 in the previous year[4] - The weighted average return on equity was 2.23%, a decrease of 0.29 percentage points compared to 2.52% in the same period last year[4] - The total comprehensive income for the period was RMB 20,552 million, down from RMB 21,645 million year-over-year[28] - The company's total comprehensive income for Q1 2024 was RMB 5,172 million, down from RMB 8,224 million in Q1 2023[29] - The total profit for the period was RMB 21,836 million, down from RMB 23,557 million in the previous year, reflecting a decrease of 7.29%[38] Cash Flow and Investments - The net cash flow from operating activities was negative at RMB (13,755) million, an improvement from RMB (18,397) million in the same period last year[4] - Cash received from investment income rose to RMB 921 million, a 126.3% increase from RMB 407 million year-on-year[8] - The company achieved a cash inflow of RMB 19.681 billion from other investment activities, a 228.3% increase from RMB 5.995 billion year-on-year[8] - The cash received from financing activities increased significantly to RMB 12.358 billion, a 13,943.2% increase compared to RMB 88 million in the previous period[8] - The company reported a cash inflow from investment activities of RMB 21,238 million in Q1 2024, compared to RMB 8,287 million in Q1 2023[30] - The cash flow from financing activities generated a net inflow of RMB 45,931 million in Q1 2024, down from RMB 82,285 million in Q1 2023[31] Assets and Liabilities - Total assets as of March 31, 2024, were RMB 2,094,106 million, an increase of 3.3% from RMB 2,026,674 million at the end of 2023[4] - The equity attributable to shareholders of the parent company was RMB 834,174 million, up 3.5% from RMB 805,794 million at the end of 2023[4] - The company's total assets as of March 31, 2024, amounted to RMB 1,194,909 million, compared to RMB 1,189,467 million at the end of 2023, showing a slight increase[24] - Total liabilities increased to RMB 663,945 million from RMB 674,918 million, indicating a reduction in total liabilities[25] - The total current liabilities increased to RMB 696,979 million from RMB 647,076 million, reflecting a rise of 7.66%[39] Production and Sales - The oil and gas equivalent production reached 128.78 million barrels, representing a year-on-year increase of 3.4%, with natural gas production at 350.46 billion cubic feet, up 6.0% year-on-year[11] - Total refined oil sales volume was 5.981 million tons, representing a 6.5% increase year-on-year[14] - The exploration and development segment reported external sales of RMB 52,182 million, a decrease of 0.77% from RMB 52,585 million year-over-year[44] - The refining segment achieved external sales of RMB 41,422 million, down 8.5% from RMB 45,216 million in the previous year[44] - The marketing and distribution segment's external sales were RMB 408,420 million, a decrease of 1.2% compared to RMB 412,676 million in the same period last year[44] - The chemical segment reported external sales of RMB 98,333 million, an increase of 1.4% from RMB 96,966 million year-over-year[44] Research and Development - Research and development expenses for the quarter were RMB 2,948 million, up from RMB 2,841 million, indicating a focus on innovation[26] - Research and development expenses increased to RMB 2,736 million in Q1 2024, up from RMB 2,568 million in Q1 2023[29] Strategic Initiatives - The company plans to continue optimizing its supply chain and expanding market reach to enhance operational performance[11] - The company plans to reduce carbon emissions intensity by 5% and methane emissions intensity by 20% by 2028 as part of its green enterprise action plan[20] - The financial results indicate a need for strategic adjustments to enhance profitability and shareholder value moving forward[49][50]