Sinopec Records 2021 Interim Net Profit RMB 40.0 Billion Better than Pre-pandemic Level Maintain High Dividend Payout with Annualized Dividend Yield at 10%
On August 29, 2021, Sinopec Corp (SNP) reported impressive interim results for H1 2021, with a turnover of RMB 1.26 trillion, up 22.1% year-on-year. Profit attributable to shareholders rose to RMB 40 billion, and basic earnings per share reached RMB 0.33. The company proposed an interim dividend of RMB 0.16 per share, yielding around 10%. The natural gas production increased by 13.7%, and refined oil product sales rose 8.1%. The firm is committed to green initiatives, including significant reductions in GHG emissions, while maintaining a strong financial position with a liability-to-asset ratio of 51.09%.
- Turnover increased by 22.1% year-on-year to RMB 1.26 trillion.
- Profit attributable to shareholders rose to RMB 40.0 billion.
- Basic earnings per share improved to RMB 0.33.
- Interim dividend proposed at RMB 0.16 per share, yielding ~10%.
- Natural gas production increased by 13.7% to 582.6 billion cubic feet.
- Refined oil product sales reached 84.01 million tonnes, up 8.1%.
- Overseas crude oil production fell by 10.4%, highlighting reliance on domestic resources.
- Unit refining cash operating cost rose by 6.7% due to increased maintenance expenses.
BEIJING, CHINA / ACCESSWIRE / August 29, 2021 / China Petroleum & Chemical Corporation ("Sinopec Corp." or the "Company") (HKEX:386)(SSE:600028)(NYSE:SNP) today announced its interim results for the six months ended 30 June 2021.
Financial Highlights
- In accordance with IFRS, the Company's turnover and other operating revenues in the first half of 2021 were RMB 1.26 trillion, surged by
22.1% year on year. Profit attributable to equity shareholders of the Company was RMB 40.0 billion. Basic earnings per share were RMB 0.330. Both were greatly improved and better than pre-pandemic level. The Company's liability-to-asset ratio as of 30 June 2021 was51.09% , maintaining a sound financial position. - Focusing on shareholder returns, the Board of Directors proposed an interim dividend of RMB 0.16 per share (tax inclusive). H Share annualized dividend yield is around
10% . - During the first half of 2021, natural gas production totaled 582.6 billion cubic feet, up by
13.7% year on year; processed 126 million tonnes of crude oil, an increase of13.7% year on year, optimisation of product slate achieved solid results; domestic sales volume of refined oil products was 84.01 million tonnes, an increase of8.1% year on year, profits rebounded rapidly; ethylene production reached 6.46 million tonnes, up by11.9% year on year, increased the ratio of high-end chemical products; Meanwhile; the construction of world-class refining base and restructuring projects are progressing well, the development of transformational businesses including hydrogen and charging stations was promoted steadily. - Proactively responding to climate change, issued the Guidance on Carbon Peak and Neutrality Actions of the Company, launched million-tonne CCUS project of Qilu Petrochemical-Shengli Oil Field. In the first half of 2021, the Company continuously promoted energy conservation and consumption reduction and GHG emissions decreased by 2.304 million tonnes of CO2 equivalent, 716 thousand tonnes of CO2 were recycled, 155 thousand tonnes of CO2 were injected for oil displacement and 320 million cubic meters of methane were recovered, equivalent to reducing 4.8 million tonnes of CO2 emissions.
- The Company's plan of crude oil and natural gas production, refinery throughput, refined oil products sales volume and ethylene production for the second half is expected to be higher than the first half.
Business Review
In the first half of 2021, as the world economy gradually picked up, China's economy kept a sustainable and steady recovery, registering a GDP growth of
Confronted with the environment where the international oil price went up and the demand for petrochemical products recovered steadily, the Company focused on addressing challenges while increasing profit on a regular basis and stressed on improving our systems, expanding markets, and controlling costs, thus realising outstanding operation results.
Exploration and Production
In the first half of 2021, the Company seized the favorable opportunity of rising oil prices, pressed ahead with high-quality exploration and profit-oriented development, strengthened the foundation of resources, and raised operational efficiency to realise production and profit increase. In terms of exploration, we strengthened risk exploration in new regions and new sectors, which led to new discoveries in Tarim Basin, Sichuan Basin, and Erdos Basin, and major breakthroughs in continental facies shale oilfields of Bohai Bay Basin, Sichuan Basin, and North Jiangsu Basin. In terms of production, we efficiently proceeded with the capacity building of major oilfields, strengthened fine development in mature fields, expanded market, sales and profit of natural gas, signed long-term LNG contracts, stabilised overseas oil and gas supply, and continuously boosted the sales and market penetration of natural gas. The Company's production of oil and gas reached 235.29 million barrels of oil equivalent, up by
In the first half of 2021, operating revenues of the segment were RMB109.5 billion, representing an increase of
Exploration and Production: Summary of Operations
| Six-month period ended 30 June | Changes | |||||||||||
| 2021 | 2020 | % | ||||||||||
Oil and gas production (mmboe) | 235.29 | 225.71 | 4.2 | |||||||||
Crude oil production (mmbbls) | 138.15 | 140.27 | (1.5 | ) | ||||||||
China | 123.62 | 124.05 | (0.3 | ) | ||||||||
Overseas | 14.53 | 16.22 | (10.4 | ) | ||||||||
Natural gas production (bcf) | 582.60 | 512.41 | 13.7 | |||||||||
Refining
In the first half of 2021, the Company grasped the opportunity of market recovery in the post-pandemic period, integrated and coordinated production and marketing, raised processing volume, kept high utilisation rate, and maximised profits along the industrial chain. We optimised crude oil allocation and cut procurement costs. We insisted on the strategy of shifting from oil to chemicals, lowered refined oil products yield and diesel-gasoline ratio, and increased production of readily marketable products like gasoline and light chemical feedstock. We increased production of high value-added products and specialty products, built 4 sets of hydrogen purification units, and developed high-end needle-shaped coke products and lubricating grease, etc., and domestic market share of low-sulphur bunker fuel ranked the first. We expedited advanced capacity building and pushed ahead with restructuring projects. In the first half of 2021, the Company processed 126 million tonnes of crude oil, an increase of
In the first half of 2021, operating revenues of the segment were RMB626.0 billion, representing an increase of
Refining: Summary of Operations
| Six-month period ended 30 June | Changes | ||||||||||
| 2021 | 2020 | (%) | |||||||||
Refinery throughput (million tonnes) | 126.11 | 110.95 | 13.7 | ||||||||
| Gasoline, diesel and kerosene production (million tonnes) | 72.19 | 67.19 | 7.4 | ||||||||
Gasoline (million tonnes) | 32.40 | 26.82 | 20.8 | ||||||||
Diesel (million tonnes) | 28.54 | 30.47 | (6.3) | ||||||||
Kerosene (million tonnes) | 11.24 | 9.90 | 13.5 | ||||||||
Light chemical feedstock production (million tonnes) | 22.26 | 19.00 | 17.2 | ||||||||
Note: Includes
Marketing and Distribution
In the first half of 2021, in view of rising domestic refined oil products consumption, the Company leveraged our advantage of integrated production and marketing network to expand markets, resulting in an elevation of quality and scale. We adopted targeted marketing strategy, and focused on differentiated marketing. We consolidated our resources of customers and marketing throughout the country, and continuously improved the quality of our services. We optimised the network layout to reach end users, accelerated the construction of integrated energy service stations offering petrol, gas, hydrogen, power, and non-fuel services, and put our first carbon-neutral station and BIPV (building integrated photo-voltaic) station into operation. In the first half of 2021, total sales volume of refined oil products was 109 million tonnes, up by
In the first half of 2021, the operating revenues of this segment were RMB635.2 billion, increased by
Marketing and Distribution: Summary of Operations
| Six-month period ended 30 June | Changes | ||||||||||
| 2021 | 2020 | (%) | |||||||||
| Total sales volume of refined oil products (million tonnes) | 109.13 | 107.03 | 2.0 | ||||||||
Total domestic sales volume of refined oil products (million tonnes) | 84.01 | 77.75 | 8.1 | ||||||||
| Retail (million tonnes) | 55.50 | 52.50 | 5.7 | ||||||||
| Direct sales and Wholesale (million tonnes) | 28.51 | 25.24 | 13.0 | ||||||||
Annualised average throughput per station (tonne/station) | 3,614 | 3,419 | 5.7 | ||||||||
Note: The total sales volume of refined oil products includes the amount of refined oil marketing and trading sales volume.
Chemicals
In the first half of 2021, by adhering to "following the market and centering on profits", the Company sped up the advanced capacity building and structural adjustment, and developed a batch of products with high value added and profitability; we fine-tuned chemical feedstock to reduce costs; we adjusted the structure of the facilities and optimised maintenance schedule to raise the utilisation of profitable facilities; we optimised product slate to continuously increase the ratio of high value-added products, raising the ratio of synthetic resin, synthetic rubber, and synthetic fibre by 0.3, 4.9, and 0.8 percentage points respectively year on year. In the first half of 2021, ethylene production reached 6.46 million tonnes, up by
In the first half of 2021, the operating revenues of this segment were RMB233.2 billion, increased by
Major Chemical Products: Summary of Operations
Unit of production: 1,000 tonne
| Six-month period ended 30 June | Changes | ||||||||||
| 2021 | 2020 | (%) | |||||||||
| Ethylene | 6,463 | 5,776 | 11.9 | ||||||||
Synthetic resin | 9,292 | 8,376 | 10.9 | ||||||||
Synthetic fiber monomer and polymer | 4,507 | 4,421 | 1.9 | ||||||||
Synthetic fiber | 676 | 573 | 18.0 | ||||||||
Synthetic rubber | 594 | 526 | 12.9 | ||||||||
Note: Includes
Health and Safety
In the first half of 2021, the Company revised and launched HSE management system and practice code, and kept improving the construction and operation of the system. We pushed ahead with the health management of all staff, strengthened the COVID-19 prevention and control measures, and safeguarded the occupational, physical, and psychological health of employees both at home and abroad. We continued to enhance safety supervision, took stringent measures in managing and controlling major safety risks, grounded efforts in managing hidden dangers, made solid strides in the three-year programme of special rectification of work safety, and conducted special campaigns targeting at "zero accidents in 100 days", maintaining a steady momentum in work safety
Environmental Responsibility
During the reporting period, the Company actively implemented green and clean development strategy, comprehensively promoted "Green Enterprise Campaign", revised and released the handbook of HSE management system, continuously improved construction and operation of HSE management system and strengthened management responsibility for energy and environment. The Company enhanced ecological environment protection of enterprises in key river basins such as the Yangtze River and Yellow River, further promoted management of solid waste and hazardous waste, launched a three-year environment management promotion campaign to continuously strengthen pollution prevention and control. Compared with the first half of 2020, COD of discharged water decreased by
Responding to Climate Change
During the reporting period, the Company reinforced the strategic studies on pathway to carbon emissions peak and carbon neutrality, issued the Guidance on pathway to carbon peaking and carbon neutrality, jointly launched China Oil and Gas Methane Alliance, launched million-tonne CCUS project of Qilu Petrochemical-Shengli Oil Field and actively implemented emissions reduction measures of GHG, such as CO2 and methane, and continuously promoted the clean utilisation of fossil energy, scaling up of clean energy, and low-carbon of production process and accelerated the new energy development. In the first half of 2021, the Company continuously promoted energy conservation and consumption reduction and GHG emissions decreased by 2.304 million tonnes of CO2 equivalent, 716 thousand tonnes of CO2 were recycled, 155 thousand tonnes of CO2 were injected for oil displacement and 320 million cubic meters of methane were recovered, equivalent to reducing 4.8 million tonnes of CO2 emissions.
Social Responsibility
In the first half 2021, of the Company focused on the three themes of industry and education development, education promotion and consumption support to effectively consolidate and expand the achievements in poverty alleviation in coordination with rural revitalization; Rendering assistance to flood control and disaster relief and post-disaster reconstruction in Henan Province; Supporting Beijing 2022 Winter Olympics and Paralympics, prepared for the clean energy supply and provided carbon fiber and composite materials for the 2022 Olympic torch named "Flying".
Capital Expenditures
Focusing on investment quality and profitability, the Company optimised its investment management system, with total capital expenditures of RMB57.941 billion in the first half of 2021. The capital expenditure for exploration and production segment was RMB23.965 billion, mainly for the capacity building of Shunbei oilfield, Weirong, Fuling, and Western Sichuan natural gas projects, and the construction of storage and transportation facilities for phase II of Tianjin LNG project, etc. The capital expenditure for the refining segment was RMB7.887 billion, mainly for the refining structural upgrading projects in Zhenhai and Anqing, and construction of hydrogen purification project, etc. The capital expenditure for the marketing and distribution segment was RMB6.773 billion, mainly for building oil (gas) stations, integrated energy service stations offering petrol, gas, hydrogen, power, and services and logistics facilities, etc. The capital expenditure for the chemicals segment was RMB18.961 billion, mainly for Zhenhai, Sino-Korea, and Hainan ethylene projects, the overseas AGCC project, Jiujiang Aromatics project, Yizheng PTA project, etc. The capital expenditure for corporate and others was RMB355 million, mainly for R&D facilities and information technology projects, etc.
Business Prospects
Looking forward to the second half of the year, the global pandemic continues to evolve, and the external environment remains complex and severe. China's economy is expected to maintain steady growth on the basis of the good momentum in the first half of the year. It is expected that the demand for refined oil will keep stable, the demand for chemical products will maintain a good growth rate, and the demand for natural gas will grow rapidly. Given the factors such as the supply capacity of oil producers, global demand growth, and inventory levels, international oil prices are expected to fluctuate within a wide range. Regarding the current situation, the Company will exert greater efforts to enhance technology innovation and advancement, optimise and adjust structure, expand market, deepen reform, promote development, control risks, and focus on the following aspects:
Exploration and Production. The Company will continue to intensify exploration efforts, accelerate oil and gas production capacity building, and increase oil and gas reserves, production and profitability. In crude oil development, more efforts will be made in speeding up the capacity building in Shunbei, Tahe and other regions, strengthening the fine management of mature oilfields, advancing the research and application of EOR technologies, and continuously reducing the cost of crude development. In natural gas development, the Company will focus on natural gas leapfrog development by speeding up the capacity building of key projects, vigorously increasing the reserves-production ratio and recovery rates, and promoting large-scale natural gas production. In the second half of the year, the Company plans to produce 141 million barrels of crude oil and 633.5 billion cubic feet of natural gas.
Refining. The Company will integrate and coordinate production and sales, increase efforts in shifting from oil products to chemicals, flexibly adjust the yield of refined oil products, and continue to reduce the diesel-to-gasoline ratio. More high value-added products and specialties will be produced at a faster pace. The Company will optimise the allocation of crude resources and make overall plans for the whole crude supply process to reduce procurement costs. Capacity optimisation will be accelerated to enhance market competitiveness. The Company will continue to optimise low-sulfur bunker fuel oil production and operation plans to reduce production and logistics costs. We plan to process 126 million tonnes of crude oil in the second half of the year.
Marketing and Distribution. The Company will seise opportunities brought by policy adjustment, accurately implement marketing strategies by focusing on meeting customer needs, and improve customer experience, to continuously enhance quality and profitability. End-user network will be further optimised to reinforce and improve advantages. The Company will continue to promote integration of fuel and non-fuel, online and offline business. We will also promote construction of integrated energy service stations offering petrol, gas, hydrogen, power, and services, and accelerate the transformation toward an integrated energy service provider. In the second half of the year, our target for domestic sales volume of refined products is 86.36 million tonnes.
Chemicals. The Company will adhere to the development direction of "basic + high-end" and "chemicals + materials", strengthen technology innovation, improve quality and profitability, extend the industrial chain and cultivate growth drivers. We will dynamically adjust feedstock and product slate, optimise utilisation and schedule arrangement to improve operation efficiency. The Company will further integrate production, marketing, research and application, intensify the research and development of high-end products and new materials, and continuously increase the proportion of high value-added products. At the same time, market research will be further enhanced to optimise the "one customer, one case" strategy, and acquire a larger market share. In the second half of the year, the Company plans to produce 6.54 million tonnes of ethylene.
Capital Expenditures. The capital expenditures for the second half of the year are budgeted at RMB109.259 billion, and the investment projects will be dynamically optimised and adjusted based on market changes. RMB42.835 billion will be invested in exploration and production segment, mainly for the capacity building of Shunbei oilfield, Weirong, Fuling, and Western Sichuan natural gas projects, the construction of storage and transportation facilities for phase II of Tianjin LNG project, and CCUS project in Shengli oilfield, etc. The capital expenditure for the refining segment is budgeted at RMB12.213 billion, mainly for Zhenhai Refining and Chemical Expansion project and the structural upgrading of the Yangzi project, etc. The capital expenditure for the marketing and distribution segment will be RMB19.727 billion, mainly for oil (gas) stations, integrated energy stations offering petrol, gas, hydrogen, power, and services and logistics facilities, etc. RMB29.639 billion will be invested in the chemicals segment, mainly for Hainan, Zhenhai, Tianjin Nangang, Maoming and other ethylene projects, the overseas AGCC project, Jiujiang Aromatics project, Yizheng PTA project, Guizhou PGA project, Qilu CCUS project, etc. RMB4.845 billion will be invested in corporate and others, mainly for R&D facilities and information technology projects, etc.
Appendix: Key financial data and indicators
FINANCIAL DATA AND INDICATORS PREPARED IN ACCORDANCE WITH CASs
Principal accounting data
| Six-month period ended 30 June | |||||||||||
Items | 2021 (RMB million) | 2020 (RMB million) (adjusted) | Changes over the same period of the preceding year (%) | ||||||||
Operating income | 1,261,603 | 1,033,064 | 22.1 | ||||||||
Net profit / (loss) attributable to equity shareholders of the Company | 39,153 | (23,001 | ) | - | |||||||
Net profit / (loss) attributable to equity shareholders of the Company???excluding extraordinary gains and losses | 38,420 | (24,404 | ) | - | |||||||
Net cash flow from operating activities | 47,736 | 40,365 | 18.3 | ||||||||
At 30 June2021 (RMB million) | At 31 December 2020 (RMB million) | Change from the end of last year (%) | |||||||||
Total equity attributable to equity shareholders of the Company | 765,154 | 742,463 | 3.1 | ||||||||
Total assets | 1,852,964 | 1,733,805 | 6.9 | ||||||||
Principal financial indicators
| Six-month period ended 30 June | |||||||||||
Items | 2021 (RMB) | 2020 (RMB) (adjusted) | Changes over the same period of the preceding year (%) | ||||||||
Basic earnings / (losses) per share | 0.323 | (0.190 | ) | - | |||||||
Diluted earnings / (losses) per share | 0.323 | (0.190 | ) | - | |||||||
Basic earnings / (losses) per share (excluding extraordinary gains and losses) | 0.317 | (0.202 | ) | - | |||||||
Weighted average return on net assets (%) | 5.19 | (3.21 | ) | 8.40 percentage points | |||||||
Weighted average return (excluding extraordinary gains and losses) on net assets (%) | 5.10 | (3.41 | ) | 8.51 percentage points | |||||||
FINANCIAL DATA AND INDICATORS PREPARED IN ACCORDANCE WITH IFRS
Principal accounting data
| Six-month period ended 30 June | |||||||||||
Items | 2021 (RMB million) | 2020 (RMB million) (adjusted) | Changes over the same period of the preceding year (%) | ||||||||
Operating profit / (loss) | 58,109 | (21,659 | ) | - | |||||||
Profit / (Loss) attributable to shareholders of the Company | 39,954 | (21,844 | ) | - | |||||||
Net cash generated from operating activities | 47,736 | 40,365 | 18.3 | ||||||||
At 30 June 2021 (RMB million) | At 31 December 2020 (RMB million) | Change from the end of last year (%) | |||||||||
Total equity attributable to shareholders of the Company | 764,208 | 741,494 | 3.1 | ||||||||
Total assets | 1,852,964 | 1,733,805 | 6.9 | ||||||||
Principal financial indicators
| Six-month period ended 30 June | |||||||||||
Items | 2021 (RMB) | 2020 (RMB) (adjusted) | Changes over the same period of the preceding year (%) | ||||||||
Basic earnings / (losses) per share | 0.330 | (0.180 | ) | - | |||||||
Diluted earnings / (losses) per share | 0.330 | (0.180 | ) | - | |||||||
Return on capital employed (%) | 6.14 | (1.91 | ) | 8.05 percentage points | |||||||
The following table sets forth the operating revenues, operating expenses and operating (loss)/profit by each segment before elimination of the inter-segment transactions for the periods indicated, and the percentage change between the first half of 2021 and the first half of 2020.
| Six-month period ended 30 June | |||||||||||
| 2021 | 2020 | Changes | |||||||||
| (RMB million) | (%) | ||||||||||
Exploration and Production Segment | |||||||||||
Operating revenues | 109,526 | 78,929 | 38.8 | ||||||||
Operating expenses | 103,293 | 84,931 | 21.6 | ||||||||
Operating profit/(loss) | 6,233 | (6,002 | ) | - | |||||||
Refining Segment | |||||||||||
Operating revenues | 626,009 | 438,358 | 42.8 | ||||||||
Operating expenses | 586,611 | 470,047 | 24.8 | ||||||||
Operating profit/(loss) | 39,398 | (31,689 | ) | - | |||||||
Marketing and Distribution Segment | |||||||||||
Operating revenues | 635,170 | 529,801 | 19.9 | ||||||||
Operating expenses | 619,102 | 521,137 | 18.8 | ||||||||
Operating profit | 16,068 | 8,664 | 85.5 | ||||||||
Chemicals Segment | |||||||||||
Operating revenues | 233,183 | 178,692 | 30.5 | ||||||||
Operating expenses | 220,178 | 175,656 | 25.3 | ||||||||
Operating profit | 13,005 | 3,036 | 328.4 | ||||||||
Corporate and Others | |||||||||||
Operating revenues | 614,339 | 484,625 | 26.8 | ||||||||
Operating expenses | 618,074 | 484,793 | 27.5 | ||||||||
Operating loss | (3,735 | ) | (168 | ) | - | ||||||
Elimination of inter-segment (loss)/profit | (12,860 | ) | 4,500 | - | |||||||
About Sinopec Corp.
Sinopec Corp. is one of the largest integrated energy and chemical companies in China. Its principal operations include the exploration and production, pipeline transportation and sale of petroleum and natural gas; the sale, storage and transportation of petroleum products, petrochemical products, coal chemical products, synthetic fibre, fertiliser and other chemical products; the import and export, including an import and export agency business, of petroleum, natural gas, petroleum products, petrochemical and chemical products, and other commodities and technologies; and research, development and application of technologies and information.
Disclaimer
This press release includes "forward-looking statements". All statements, other than statements of historical facts that address activities, events or developments that Sinopec Corp. expects or anticipates will or may occur in the future (including but not limited to projections, targets, reserve volume, other estimates and business plans) are forward-looking statements. Sinopec Corp.'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, results of oil exploration, estimates of oil and gas reserves, 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 Sinopec Corp.'s control. In addition, Sinopec Corp. makes the forward-looking statements referred to herein as of today and undertakes no obligation to update these statements.
Beijing
Investor Inquiries:
Tel：(86 10) 5996 0028
Fax：(86 10) 5996 0386
Email：ir@sinopec.com
Media Inquiries:
Tel：(86 10) 5996 0028
Fax：(8610) 5996 0386
Email：ir@sinopec.com
Hong Kong
Investor Inquiries:
Tel：(852) 2824 2638
Fax：(852) 2824 3669
Email：ir@sinopechk.com
Media Inquiries:
Tel：(852) 2522 1838
Fax：(852) 2521 9955
Email：sinopec@prchina.com.hk
29/08/2021 Dissemination of a Marketing Press Release, transmitted by EQS Group.
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SOURCE: China Petroleum and Chemical Corporation
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