SEG Announces 2024 Interim Results
Sinopec Engineering Group (SEG) announced its interim results for the first half of 2024, reporting revenue of RMB28.553 billion and net profit of RMB1.319 billion. SEG recorded a significant 32.7% year-on-year increase in new contract value, totaling RMB50.066 billion. The board proposed an interim dividend of RMB0.150 per share, with a dividend payout ratio of 50%, and repurchased 13.8 million H shares for HKD67.75 million. SEG's inclusion in the Hang Seng Composite Index reflects high market recognition. Overseas contracts grew by 117.8%, exemplified by a USD900 million EPC contract with Saudi Aramco.
SEG emphasized technological innovation, applying AI and big data to engineering design, and promoting low-carbon services. The company signed RMB551 million in new technology development contracts and filed 440 new patent applications. SEG also achieved breakthroughs in new materials and green energy projects, highlighting its shift towards sustainability. SEG aims to enhance shareholder value through strategic initiatives and international operations in the second half of the year.
Sinopec Engineering Group (SEG) ha annunciato i risultati provvisori per il primo semestre del 2024, riportando un fatturato di 28,553 miliardi di RMB e un utile netto di 1,319 miliardi di RMB. SEG ha registrato un significativo aumento del 32,7% rispetto all’anno precedente nel valore dei nuovi contratti, totalizzando 50,066 miliardi di RMB. Il consiglio ha proposto un dividendo provvisorio di 0,150 RMB per azione, con un rapporto di distribuzione del dividendo del 50%, e ha riacquistato 13,8 milioni di H shares per 67,75 milioni di HKD. L’inclusione di SEG nell'Hang Seng Composite Index riflette un alto riconoscimento di mercato. I contratti esteri sono cresciuti del 117,8%, esemplificati da un contratto EPC del valore di 900 milioni di USD con Saudi Aramco.
SEG ha sottolineato l'innovazione tecnologica, applicando AI e big data al design ingegneristico e promuovendo servizi a basse emissioni di carbonio. L'azienda ha firmato nuovi contratti per lo sviluppo tecnologico del valore di 551 milioni di RMB e ha presentato 440 nuove domande di brevetto. SEG ha anche raggiunto importanti risultati in nuovi materiali e progetti di energia verde, evidenziando il suo spostamento verso la sostenibilità. SEG punta a migliorare il valore per gli azionisti attraverso iniziative strategiche e operazioni internazionali nel secondo semestre dell’anno.
Sinopec Engineering Group (SEG) anunció sus resultados provisionales para la primera mitad de 2024, reportando ingresos de 28,553 mil millones de RMB y ganancias netas de 1,319 mil millones de RMB. SEG registró un incremento significativo del 32.7% en el valor de nuevos contratos en comparación con el año anterior, totalizando 50,066 mil millones de RMB. La junta propuso un dividendo provisional de 0.150 RMB por acción, con un ratio de pago de dividendos del 50%, y recompró 13.8 millones de acciones H por 67.75 millones de HKD. La inclusión de SEG en el Índice Compuesto de Hang Seng refleja un alto reconocimiento en el mercado. Los contratos en el extranjero crecieron un 117.8%, ejemplificado por un contrato EPC de 900 millones de USD con Saudi Aramco.
SEG enfatizó la innovación tecnológica, aplicando inteligencia artificial y grandes datos al diseño de ingeniería, y promoviendo servicios de bajo carbono. La empresa firmó contratos de desarrollo tecnológico por un valor de 551 millones de RMB y presentó 440 nuevas solicitudes de patente. SEG también logró avances en nuevos materiales y proyectos de energía verde, destacando su transición hacia la sostenibilidad. SEG tiene como objetivo mejorar el valor para los accionistas a través de iniciativas estratégicas y operaciones internacionales en la segunda mitad del año.
시노펙 엔지니어링 그룹 (SEG)은 2024년 상반기 중간 결과를 발표하며 285.53억 위안의 매출과 13.19억 위안의 순이익을 보고했습니다. SEG는 신규 계약 가치가 지난해 대비 32.7% 증가했음을 기록했으며, 총 500.66억 위안에 달합니다. 이사회는 주당 0.150 위안의 중간 배당금을 제안하며 배당금 지급 비율은 50%로 설정하였고, 1380만 H주를 6775만 홍콩달러에 재매입했습니다. SEG가 항셍 종합지수에 포함된 것은 높은 시장 인정을 반영합니다. 해외 계약은 117.8% 증가했으며, 사우디 아람코와의 9억 달러 규모의 EPC 계약으로 예시됩니다.
SEG는 기술 혁신을 강조하며, AI와 빅데이터를 엔지니어링 설계에 적용하고 저탄소 서비스를 촉진하고 있습니다. 회사는 5억 5100만 위안 상당의 새로운 기술 개발 계약을 체결하고 440개의 새로운 특허 출원을 제출했습니다. SEG는 새로운 재료 및 녹색 에너지 프로젝트에서 혁신을 이루어내며 지속 가능성으로의 전환을 강조하고 있습니다. SEG는 올해 하반기에 전략적 이니셔티브와 국제 작업을 통해 주주 가치를 향상시키는 것을 목표로 하고 있습니다.
Sinopec Engineering Group (SEG) a annoncé ses résultats intermédiaires pour le premier semestre de 2024, affichant un chiffre d'affaires de 28,553 milliards de RMB et un bénéfice net de 1,319 milliard de RMB. SEG a enregistré une augmentation annuelle significative de 32,7 % de la valeur des nouveaux contrats, totalisant 50,066 milliards de RMB. Le conseil d'administration a proposé un dividende intérimaire de 0,150 RMB par action, avec un taux de distribution des dividendes de 50%, et a racheté 13,8 millions d'actions H pour 67,75 millions de HKD. L'inclusion de SEG dans l'indice composite Hang Seng reflète une grande reconnaissance sur le marché. Les contrats à l'étranger ont augmenté de 117,8%, illustrés par un contrat EPC d'un montant de 900 millions de USD avec Saudi Aramco.
SEG a souligné l'innovation technologique, en appliquant l'IA et les grandes données au design d'ingénierie, et en promouvant des services à faible émission de carbone. L'entreprise a signé des contrats de développement technologique d'un montant de 551 millions de RMB et a déposé 440 nouvelles demandes de brevet. SEG a également réalisé des avancées dans de nouveaux matériaux et des projets d'énergie verte, mettant en avant son passage vers la durabilité. SEG vise à améliorer la valeur pour les actionnaires grâce à des initiatives stratégiques et des opérations internationales au second semestre de l'année.
Sinopec Engineering Group (SEG) hat seine vorläufigen Ergebnisse für das erste Halbjahr 2024 bekannt gegeben und einen Umsatz von 28,553 Milliarden RMB sowie einen Nettogewinn von 1,319 Milliarden RMB gemeldet. SEG verzeichnete einen signifikanten Anstieg von 32,7 % im Wert neuer Verträge im Vergleich zum Vorjahr, mit insgesamt 50,066 Milliarden RMB. Der Vorstand schlug eine Zwischen_dividende von 0,150 RMB pro Aktie vor, mit einem Dividendenzahlungsverhältnis von 50%, und kaufte 13,8 Millionen H-Aktien für 67,75 Millionen HKD zurück. Die Aufnahme von SEG in den Hang Seng Composite Index spiegelt eine hohe Marktanerkennung wider. Die ausländischen Verträge wuchsen um 117,8%, illustriert durch einen EPC-Vertrag über 900 Millionen USD mit Saudi Aramco.
SEG betonte technologische Innovationen, indem AI und Big Data im Engineering Design angewendet werden, und förderte Dienstleistungen mit geringem Kohlenstoffausstoß. Das Unternehmen unterzeichnete Technologieentwicklungsverträge im Wert von 551 Millionen RMB und reichte 440 neue Patentanmeldungen ein. SEG erzielte auch Durchbrüche bei neuen Materialien und Projekten im Bereich erneuerbare Energien und hebt den Übergang zur Nachhaltigkeit hervor. SEG strebt an, den Aktionärswert durch strategische Initiativen und internationale Tätigkeiten in der zweiten Jahreshälfte zu steigern.
- Revenue of RMB28.553 billion for H1 2024
- Net profit of RMB1.319 billion
- 32.7% year-on-year increase in new contracts to RMB50.066 billion
- Proposed interim dividend of RMB0.150 per share with a 50% payout ratio
- Repurchased 13.8 million H shares for HKD67.75 million
- 117.8% year-on-year growth in overseas contracts
- Included in Hang Seng Composite Index
- Signed RMB551 million in new technology development contracts
- Filed 440 new patent applications, including 331 invention patents
- None.
Declare to Pay Out Record High Interim Dividends
Inclusion in the Hang Seng Composite Index Reflects
High Market Recognition of Investment Value
HONG KONG, CHINA / ACCESSWIRE / 18 August 2024 / SINOPEC Engineering (Group) Co., Ltd. ("SEG" or the "Company", together with its subsidiaries collectively known as the "Group") (stock code:2386) today announces its interim results for the six months ended 30 June 2024 (the "Reporting Period").
In the past year, complex and severe international environment and evolving product innovation brought challenges to the Company. Facing the challenges, the Board and management of the Company adhered to integrity and innovation, accelerate the development of new quality productive forces, and had achieved hard-earned success by taking a series of actions to optimize existing business operations, seek for business growth, strengthen foundation and prevent risks. During the first half of the year, the Group recorded a revenue of RMB28.553 billion, net profit of RMB1.319 billion and value of new contracts of RMB50.066 billion, representing steady progress in our business performance. Taking into account the profitability of the Company and the needs for sustainable development in the future, the Board proposed an interim dividend of RMB0.150 per share with a dividend payout ratio of
Aiming To increase earnings per share and overall shareholders' return which is in the interests of the Company and the shareholders as a whole, the Company repurchased a total of 13,836,500 H shares on the Hong Kong Stock Exchange, using funds totaling HKD67.75 million during the Reporting Period. In addition, on August 16, the Company was included in the Hang Seng Composite Index. The relevant changes will be implemented after the market closes on 6 September 2024 and will take effect on 9 September 2024. Being selected as a constituent stock of the Hang Seng Composite Index signifies that SEG has met the prerequisites for inclusion in the Hong Kong Stock Connect, reflecting the capital market's high recognition of the Company's business performance and investment value.
In the first half of the year, the Group built comprehensive market competitiveness with its comprehensive service capabilities, bringing to an increase in market development in terms of both quantity and quality. During the Reporting Period, the value of new contracts of the Group was RMB50.066 billion, an increase of
In the first half of the year, the Group continued to build its first-class innovation capabilities, steadfastly advanced the development of new-type industrialization in the engineering industries. During the Reporting Period, the Group has initiated specialised studies for topics relating to new-type industrialization, which cover 11 key aspects including high-end, green and intelligent, to promote integration of theoretical innovation and practical applications, so as to attract more investment in supporting the specialized studies and applications of new-type industrialization. The Group coordinated and promoted the innovative application of artificial intelligence and big data technologies in the engineering design field, and comprehensively carried out research on intelligent design (AI) special projects to accelerate the transformation of production methods. Based on the principle of developing new quality productive force and focusing on innovation and practicability, the Group led the application and conversion of "Integration and synergies of engineering projects", "standardised and lean design", "intelligent management on supply chain during the entire cycle of the project", "plant manufacturing and prefabrication installation" and other research outcomes of the engineering and construction projects, thereby facilitating overall improvement in efficiency and information technology of the engineering and construction projects. Leveraging the business model of contract energy management, the Group continued to promote the development of low-carbon services in the energy industry, develop its capability of equipping comprehensive energy-saving and carbon-reducing techniques, thereby making "Green and Clean" as its defining feature.
In the first half of the year, the Group deeply promoted the "integration and symbiosis" strategy and worked together with industry chain partners to build an industrial ecosystem. Firstly, the Group strived to create a new paradigm of deep industry-university-research integration driven by enterprise needs and deployed an "innovation chain" around the "industry chain" by jointly establishing the "Biomass Utilization Joint Research Center (High-value Utilization of Lignin)" with Guangdong University of Technology in accelerating the development and the industrial applications of the application techniques for biomass, and the "Low-carbon Joint Research Center" with Sun Yat-sen University and carrying out deep cooperation with research institutes such as Chinese Research Academy of Environmental Sciences, Shanghai Institute of Organic Chemistry, CAS, SINOPEC Beijing Research Institute of Chemical Industry and SINOPEC Research Institute of Petroleum Processing in multiple innovation fields. Secondly, the Group strived to build long-term integration and win-win partnership with domestic and foreign project owners by adopting the "going out" and "bringing in" approach to strengthen exchanges and deepen mutual trust with domestic and foreign project owners including Guoneng Group, China Coal Group, Shanmei Group, Yanchang Group, QazaqGaz, Saudi Aramco, SABIC and ADNOC and gain market first-mover advantage with more advanced and extensive preliminary and front-end services while promoting the advantages of the Group on industry chain, technology chain and engineering services in an all-round way. Thirdly, the Group strived to create an industrial environment that integrates and shares with industry peers to continuously expand "circle of friends" by promoting comprehensive strategic partnerships with international engineering companies represented by TR, Technip and Tecnimont, and strengthening deep cooperation in areas such as preliminary project development, global supply chain optimization and project execution. Fourthly, the Group strived to build an ecosystem of integrated development with global industrial chain partners by conducting high-level visits with major equipment and material suppliers such as Ansteel Group, Emerson, Yokogawa, Honeywell and KSB to deepen cooperation and create a globally competitive supply chain system.
During the first half of the year, the Group continued to explore the fusion of international experience and Chinese practice for ESG, thereby developing itself into a leading enterprise in terms of ESG. During the Reporting Period, the Group initiated a social responsibility brand project by holding public open days with the theme of "Everyone's Safety - Immersive Public Safety Experience Public Welfare Activities" and leveraging on the regular preparation and implementation of public safety experience public welfare activities at two safety simulation and practical training bases of the Group in South China and North China to create a social responsibility brand project of Sinopec Engineering Group. The Group was rewarded a "BB" rating for MSC ESG, which was the highest rating in the engineering industry in the PRC. Meanwhile, the Group was listed on the Sustainability Yearbook - S&P Global, as one of the two selected enterprises with its outstanding performance in the field of ESG among over 1,700 enterprises in 60 industries in the PRC.
Chairman of SEG, Mr. JIANG Dejun said: "Looking forward to the second half of the year, the global economic growth momentum is still under pressure. The supply and demand pressure on the domestic refining and chemical industry is high and the environment remains severe. In the face of challenges, there are new opportunities through comprehensive analysis. First, the demand for high-end transformation of industries in China is still increasing, and investment in large-scale new material projects is in the ascendant. Secondly, the energy industry is developing to seize widening opportunities on green and low carbon, green hydrogen and green ammonia, green alcohol and other new energy. Third, with the adjustment and optimization of China's energy industry structure, the new coal chemical industry is expected to open up a new wave of investments. Fourth, with the introduction of policies for the elimination and upgrading of old chemical equipment, the Company will thrive with its comprehensive integrated industry chain service capabilities on device dismantling, site restoration and resource utilization. Fifth, the overseas energy and chemical industry is entering a new height of opportunities. China's high-level opening up to foreign markets and the development needs of the global petrochemical industry provide the Company with a broader international business environment. In the second half of the year, the Company's board of directors will further strengthen strategic guidance and integrated planning, and continue to promote initiatives including "consolidating the advantages of traditional main businesses, continuing to promote technological innovation, leading the new industrialization of the industry, promoting the internationalization of operations, and achieving diversified value creation", leading the Company to strive for product excellence, outstanding brand, leading innovation, and modern governance to unswervingly becoming world-class enterprise. We believe that people around the world are urge for a good living environment through a cleaner and greener energy and chemical industry, which in turn provides stronger development momentum for global development. The company will give full play to its advantages in the integration of the complete industry chain, market advantages, brand advantages, technology advantages, and talent advantages. The Company will continue to promote its high-quality development, achieve effective improvement in quality and reasonable growth in quantity, and strive to deliver improvements on shareholder value, customer value, social value and employee value!"
Business Review and Highlights
Improved market development performance in terms of both quantity and quality
During the Reporting Period, the value of new contracts signed by the Group was RMB50.066 billion, representing an increase of
During the Reporting Period, the value of new contracts signed by the Group in domestic market was approximately RMB33.113 billion, a year-on-year increase of
During the Reporting Period, the value of new contracts signed by the Group in overseas market was approximately US
During the Reporting Period, the Group signed 137 new contracts in the emerging fields such as new energy and new materials in domestic market with a total value of new contracts of approximately RMB7.406 billion, and the market layout in emerging fields achieved good results.
Steady progress in the construction of key projects
Zhenhai Refining & Chemical Oil Refining and High-end Synthetic New Materials Project was in the peak stage of construction and installation with an overall completion percentage of over
90% .PetroChina JCEC Transformation and Upgrading Project was in the stage of construction and installation with an overall completion percentage of over
60% .Longkou LNG Project was in the peak stage of construction with an overall completion percentage of over
70% .Huajin Project was in the stage of civil construction with an overall completion percentage of over
20% .ExxonMobil Huizhou Ethylene Project was in smooth and steady progress, and was granted the "President's SSH&E Award" twice by the project owner.
Saudi Riyas NGL Project was in the stage of detailed design with an overall completion percentage of less than
10% .Saudi Arabia AMIRAL Project was in the stage of civil construction with an overall completion percentage of approximately
30% .Algerian LNG/MTBE Project was in the stage of construction with an overall completion percentage of over
50% .Saudi Aramco's Crude Oil Pumping Station Upgrading and Improvement Project was in the peak stage of construction with an overall completion percentage of over
90% .ExxonMobil Singapore CRISP Integrated Project was in the stage of construction with an overall completion percentage of over
70% .
Technological innovation capability reaching new heights
During the Reporting Period, the Group made prominent achievements in research and development of science and technology. The Group signed various new technology development contracts with total contract amount of RMB551 million, a year-on-year increase of over
During the Reporting Period, the Group filed 440 new patent applications, among which, 331 were invention patents, accounting for
During the Reporting Period, the Group received a total of 20 science and technology progress awards in scientific and technical innovation and engineering construction fields at the provincial and above level, including the second prize of the National Scientific and Technological Progress Award for the "design, manufacturing and maintenance technology of long-life largescale ethylene cracking reactors", the first prize of the SINOPEC Science and Technology Progress Award for the "research and application of key technologies for long-term production safety in high acid gas fields", the second prize of the SINOPEC Technology Invention Award for the "development and application of technology for production of chemicals through catalytic cracking of crude oil (CCPP)"; two provincial and ministerial excellent design awards; and three provincial and ministerial excellent engineering awards.
During the Reporting Period, the Group continued to strengthen the top-level design of scientific and technological innovation work, and revised and released the "Guiding Opinions on the Company's External Technical Cooperation Agreements". By closely focusing on the Company's strategy and market demand, the Group steadily advanced key scientific research projects in respect of its engineering and technological innovation, making new progress in tackling key core technologies.
During the Reporting Period, the national project "Technology and Equipment for Producing Biogasoline and Biodiesel from Waste Straw" undertaken by f the Group, passed the inspection and acceptance of project completion. This project is an important project of the National Key R&D Program "Solid Waste Resource Utilization", focusing on key scientific and technological issues such as fluidized bed hydrogenation deoxygenation, production of flue gas purification agents from pyrolysis residues and scaling up of million-ton biogasoline and biodiesel production processes. The related achievements will further solve the problems of dispersed collection and extraction of waste biomass energy, pollution control and carbon dioxide reduction.
During the Reporting Period, the Group improved the "Key Technologies for Increasing Low Carbon Olefins and BTX Produced from Heavy Raw Materials" in respect of the RTC (Efficient Catalytic Cracking of Heavy Oil) plant to further reduce energy consumption. Such technology provides strong technical support for the transformation and upgrading of refining enterprises from traditional fuel refineries to chemical refineries and will also lay a solid foundation for the Group to expand market development and undertake engineering projects in this field.
During the Reporting Period, the first medical-grade 1,000-ton PGA (polyglycolic acid) new material pilot plant of Sinopec designed and constructed by the Group, the first 150,000 tons/year CHP method epoxy propane plant in China, the 12,000 tons/year EVOH resin industrial demonstration plant of Chuanwei, the 1,000-ton fluidized bed synthesis gas to olefin (GTO) pilot plant of Zhenhai Refining & Chemical and the application of high sulfur and high acid natural gas short process low-carbon purification technology had all achieved the milestone breakthrough goals.
Continuous improvement of new industrialization capacities
During the Reporting Period, the Group focused on developing new quality productive forces and building core competitiveness on innovation and practicality. In addition, the Group continuously advanced major new industrialization innovation projects such as integrated project management, lean design, intensive procurement, factory prefabrication, robot welding, factory digitization and intelligent operation and maintenance. Moreover, the Group deepened the application of new industrialization projects with "high-end, intelligent and green" as the core and took the Huajin Project as the carrier to fully research and leverage the valuable experience accumulated from projects such as Nangang Ethylene, Zhenhai POX and Singapore CRISP to strive to achieve significant innovation and breakthroughs. During the Reporting Period, the Group increased its efforts to explore and promote the application of standardization, automation, digitization and modular construction in engineering construction, and promoted the industrial application of intelligent equipment and technologies such as automatic welding and welding robots.
QHSE maintaining a good momentum
During the Reporting Period, the Group continuously improved its project QHSE control standards and the management system operated effectively. The Group comprehensively promoted the construction of the "three basics" work safety standardization team, strictly controlled the entry standards of subcontractors, carried out training and certification of three types of management personnel including team leaders and subcontractors and incorporated them into the requisite conditions for subcontractor qualification review for 2025. In addition, the Group implemented a long-term management model, continuously improved the awareness, skills and independent safety management level of on-site personnel and built a solid grassroots safety defense line. Moreover, the Group prepared green ecological design guidelines, strengthened energy and environmental source control of construction projects and promoted the energy conservation and environmental protection of construction projects. The Group also strengthened the integration and collaboration of design and construction, optimized construction methods and processes and accelerated the updating and iteration of construction equipment. The Group conducted comprehensive inspections of design quality and physical quality, strictly implemented risky contracting and hidden danger investigation and rectification work, strengthened process assessment and promoted the transformation of accident handling towards advance prevention.
During the Reporting Period, ExxonMobil Huizhou Ethylene Project, a project designed and engineered by the Group, was awarded the "President's Award for Safety of Global Project" by the owner in the second row. As of the end of the Reporting Period, the Company's cumulative safety labor hours were 176 million, and the quality, safe and environmental protection were stabilized and controlled with no quality and environmental accidents.
Continuously enhanced project management capabilities
During the Reporting Period, the Group had 1,330 on-going domestic and overseas projects with over 110,000 on-site employees. During the reporting period, the Group continued to carry out its on-hand projects in a quality manner, strengthened the entire process management of projects, ensure assessment on project milestones, strengthened the management of contract changes and process settlement, raised the level of control and designate personal in charge for projects that default risks exist, effectively prevented production and operation risks; continued to carry out specialised projects of design optimization; continued to promote fusion of integrated design and construction with working experience to enhance design and construction efficiency. With strengthened the cultivation of strategic subcontractors, the Group initiated the development of standardized "safety-oriented" team, among which team leaders from 16 teams and certain contractors attended trainings and obtained the certificates. A total of over 800 persons attending these trainings, resulting in effective improvement of the execution ability of subcontracting resources and project quality. The Group actively prepared for the establishment of low-cost operation centers and resource allocation centers for overseas regional projects, continuously improving its ability to localize human resources management for overseas projects. The Group organized projects for enhancement of overseas purchase management and initiated the development of the platform for management of overseas purchase resources.
Vigorously promoting the construction of talent team
During the Reporting Period, the Group deeply implemented the development strategy of "building a strong enterprise by relying on talents" and carried out talent work from a broader perspective and with greater efforts. The Group focused on selecting cadres for corresponding teams, highlighting the selection and appointment of capable individuals, strengthening the management of the entire chain and process of cadre selection, cultivation, management and appointment and continuously implementing the "Dunmiao Plan" to cultivate and train young talents resulting in continuous improvement of the capabilities of the cadre team; focused on team construction and talent recruitment, highlighting the leading role of innovation, continuously optimizing and refining the "talent introduction, cultivation and encouragement" measures, carrying out pilot work for the introduction of key talents from the general public, continuously improving the expert management system, perfecting job management methods
and strengthening the training and cultivation of technical and skilled talents at all levels and on-site management team leaders, resulting in continuous enhancement of the efficiency of talent innovation; and focused on deepening reform, improved the distribution method of total wages, fully implementing the term system and contractual management of management personnel at all levels to stimulate the high-quality development momentum of the Group.
Business Prospects
Looking forward to the second half of the year, the Group will focus on working arrangement to face challenges and capture opportunities, continue to enhance its core competitiveness, strengthen its layout in new business fields while strengthening and enlarging its traditional business, increase the pace of internationalization of its business, put more efforts in innovation, continue to enhance the green and low-carbon competitiveness of the whole industry chain, continuously improve its project fulfillment capability, and strive for better operating performance. The Group had set its target for market development set at the beginning of the year: RMB60 billion domestically and USD3 billion overseas. In the second half of the year, the Group will prioritize the following tasks:
Continue the effort of Market development. Domestically, the Group will consolidate the advantage in traditional markets, accelerate the cultivation of the most competitive distinctive products with core competitiveness, speed up technology sourcing, industrial application and market development in the fields of high-end new materials, clean coal utilization, green hydrogen, green ammonia and green methanol, and strengthen the advantages of the whole industry chain; pursue upgrading of large-scale equipment, energy saving and emission reduction, phase-out and renovation of old equipment, thereby maintain leading position in the market. Internationally, the Group will continuously expand the circle of friends with a more open mindset, consolidate anddeepen relationships with clients and partners; take the road of ecological and collaborative globalization, continue to expand the scale of overseas markets, and expand the proportion of international business income; promote faster globalization of its "technology+" high-end businesses, strive to extend to the front end of the business chain, focusing on markets in Middle East, Middle Asia and Africa; and strengthen the development of its green, low-carbon and new energy businesses; and promote localized operation and forge high quality international operation capability by promoting the negotiation of the seed projects under the "EPC Champion Program" with Saudi Aramco.
Project management. The Group will adhere to a customer-centric approach, strictly fulfill contracts and improve contract fulfillment capabilities to achieve joint enhancement of the value of shareholders, customers, society and employees; do a good job in the overall coordination, management and service support for project implementation, and in the overall implementation planning and personnel reserve for newly signed projects; strengthen overall project management and control, improve the management of schedule, revenue, cost plan and contract alteration, process settlement management to ensure the quality of effectiveness; accelerate the research progress and achievement transformation of various projects for "leading the new industrialization of the engineering construction industry", promote the research and development of intelligent plant workshop technology, promote the improvement of plant intelligent manufacturing capabilities, and deepen the application of advanced technology and equipment; and strengthen the ability to control international resources, promote the construction of overseas lowcost centers, and further improve its capability to execute overseas projects.
Risk control. The Group has initiated the construction of a major operational risk management platform, continuously strengthened legal risk prevention throughout the entire lifecycle of contracts, achieved risk control at the source with high-quality contracts and strictly guarded against financial, foreign exchange, tax, and credit risks. The Group will strengthen QHSE risk management, further promote the campaign of Annual Safety Management Enhancement, and comprehensively promote the development the "Safety-oriented team" from the training of team leaders. The Group will continue to focus on key indicators such as return on net assets and operating cash ratio to further solidify the profit foundation and enhance the profitability; continuously strengthen cost control through innovative technology, optimized design and lean management to improve the overall cost control level across all personnel, elements and processes.
Summary of Financial Data and Indicators Prepared in Accordance with International Financial Reporting Standards ("IFRS")
Unit: RMB'000
Items | As at 30 June 2024 | As at 31 December 2023 | Changes from the end of 2023 (%) |
Total assets | 81,085,459 | 80,967,671 | 0.1 |
Total equity attributable to equity holders of the Company | 31,090,440 | 30,842,143 | 0.8 |
Net assets per share attributable to equity holders of the Company (RMB) | 7.06 | 6.87 | 0.8 |
Unit: RMB'000
| For the six months ended 30 June |
|
|
|
| ||||
Items |
| 2024 |
|
| 2023 |
|
| Changes over the same period of 2023 (%) |
|
Revenue |
| 28,553,121 |
|
| 24,829,660 |
|
| 15.0 |
|
Gross profit |
| 2,494,647 |
|
| 2,240,224 |
|
| 11.4 |
|
Operating profit |
| 927,462 |
|
| 992,967 |
|
| (6.6 | ) |
Profit before taxation |
| 1,513,067 |
|
| 1,499,126 |
|
| 0.9 |
|
Net profit attributable to equity holders of the Company |
| 1,318,677 |
|
| 1,317,070 |
|
| 0.1 |
|
Basic earnings per share (RMB) |
| 0.30 |
|
| 0.30 |
|
| 0.0 |
|
Net cash flow (used) in operating activities |
| (4,200,177 | ) |
| (1,038,507 | ) |
| (304.4 | ) |
Net cash flow (used) in operating activities per share (RMB) |
| (0.95 | ) |
| (0.23 | ) |
| (304.4 | ) |
| For the six months ended 30 June |
| ||||||
Items |
| 2024 |
|
| 2023 |
| ||
Gross profit margin (%) |
|
| 8.7 |
|
|
| 9.0 |
|
Net profit margin (%) |
|
| 4.6 |
|
|
| 5.3 |
|
Return on assets (%) |
|
| 1.6 |
|
|
| 1.7 |
|
Return on equity (%) |
|
| 4.2 |
|
|
| 4.3 |
|
Return on invested capital (%) |
|
| 4.3 |
|
|
| 4.4 |
|
Items |
| As at 30 June 2024 |
|
| As at 31 December 2023 |
| ||
Asset-liability ratio (%) |
|
| 61.6 |
|
|
| 61.9 |
|
~ End ~
This press release is issued by PRChina Limited on behalf of SINOPEC Engineering (Group) Co., Ltd.
About SINOPEC Engineering (Group) Co., Ltd.
The Group is a leading energy and chemical engineering company in the PRC with strong international competitiveness and can provide domestic and overseas clients with overall solutions for petrol refining, petrochemicals, aromatics, coal chemicals, inorganic chemicals, pharmaceutical chemicals, clean energy, storage and transportation facilities, environmental protection and energy saving, among other industry sectors. The Group is an integrated service provider for the whole industry chain and the whole life cycle in energy and chemical industry and can provide overall industry chain services including engineering consulting, technology licensing, project management contracting, financing assistance, EPC (engineering, procurement and construction) contracting, as well as design, procurement, construction and installation, lifting and transportation of large equipment, precommissioning and start-up.
After nearly 70 years of continuous development, the Group currently has an academician of the Chinese Academy of Sciences, three academicians of the Chinese Academy of Engineering and more than10,000 professionals. The Group has rich project management and implementation experience, and owns and cooperatively owns patents and know-how in core business areas. The Group has delivered on schedule hundreds of modern factories with enormous investment, complicated process, advanced technology and high quality to clients in more than 20 countries and regions around the world, established long-term and steady cooperative relationships with large energy and chemical enterprises at home and abroad, maintained an extensive and stable client base, and enjoys remarkable industrial influence and social reputation.
In the future, adhering to the development orientation of "Integrated Service Provider with Whole Industry Chain and Whole Life Cycle in Energy and Chemical Industry", the Group will base itself on the energy and chemical engineering construction industry, continuously broaden its business scope and extend its value chain. The Group take "Engineering Innovation" and "Value Creation" as the development engines and deepen the implementation of the six development strategies of "Value-Oriented, Innovation-Driven, Green & Clean, Talent-Based, Globalization-Targeted, Fusion & Symbiosis". The Group comprehensively improve the level of safe, efficient, green and lowcarbon service in the business chain, and fuel a new momentum in achieving the corporate vision of "building the world's leading technology-oriented engineering company".
Disclaimer
This press release includes "forward-looking statements". All statements, other than statements of historical facts that address activities, events or developments that the Group expects or anticipates will or may occur in the future (including but not limited to projections, targets, other estimates and business plans) are forward-looking statements. The Group's actual results or developments may differ materially from those indicated by these forward-looking statements as a result of various factors and uncertainties, including but not limited to the price fluctuation, possible changes in actual demand, foreign exchange rate, market shares, competition, environmental risks, possible changes to laws, finance and regulations, conditions of the global economy and financial markets, political risks, possible delay of projects, government approval of projects, cost estimates and other factors beyond the Group's control. In addition, the Group makes the forward-looking statements referred to herein as of today and undertakes no obligation to update these statements.
Investor and Media Enquiries:
SINOPEC Engineering (Group) Co., Ltd. - Office of the Board
Liu Jingjing /Zheng Zhexia
Tel: (86) 10 5673 0523 / (86) 10 5673 0525
Email: seg.ir@sinopec.com
PRChina Limited
David Shiu / Rachel Chen
Tel: (852) 2522 1838 / (852) 2522 1368
Fax: (852) 2521 9955
Email: seg@prchina.com.hk
File: [Press Release] SEG Announces 2024 Interim Results
SOURCE: SINOPEC Engineering (Group) Co., Ltd.
View the original press release on accesswire.com
FAQ
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