China’s Sinopec reports 16.8% profit drop in ’24

China Petroleum & Chemical Corp, also known as Sinopec, announced a 16.8 per cent decrease in net profit for 2024 on Sunday. The decline was attributed to reduced crude oil prices and the rapid growth of the new energy vehicle (NEV) sector.

The largest oil refiner in the world by capacity reported a net income of 50.3 billion yuan ($6.94 billion) according to Chinese accounting standards in a filing with the Shanghai Stock Exchange.

Attribution: Reuters
Subediting: M. S. Salama