Sinopec's profit in the first half of the year exceeded expectations, and the chemical business reached the best in four years

wallpapers Industry 2020-12-09

reporter learned from Sinopec that the group held an economic activity analysis meeting in June. The analysis showed that the overall production and operation situation of the group company in the first half of the year was better than expected, and the profit exceeded the expectation.

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according to the recent performance forecast issued by Sinopec, the company expects the net profit attributable to shareholders of Listed Companies in the second quarter of 2015 to increase by more than 1000% compared with the first quarter of 2015. Some analysts of

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believe that the company's profitability has been greatly improved due to the reduction of high-cost inventory and the recent rise in refined oil prices, which has promoted the profit margin of refining business. Qiu Xiaofeng, an analyst with Galaxy Securities of

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, said that since the implementation of the new pricing mechanism for refined oil in 2013, when crude oil prices were relatively stable, refining operation conditions had been systematically improved. After the implementation of

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in the first half of last year, the company's single barrel refining EBIT reached about US $2 / barrel; due to the impact of inventory price drop caused by the sharp drop of oil price, the company's single barrel refining EBIT in the fourth quarter of last year and the first quarter of this year dropped sharply to a loss of $4.8/barrel and a loss of $1.2/barrel. With the recovery of crude oil price and the oil quality upgrading implemented by state fourth diesel this year, the company's single barrel refining EBIT is expected to be close to US $3 / barrel; with the addition of inventory income in the second quarter, the refining performance will be more impressive.

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need to be mentioned that the international crude oil price has fallen sharply since July. In view of OPEC's strategy of keeping production unchanged and the uncertain prospect of global economic recovery, the industry expects that the international crude oil price will remain weak in the second half of the year.

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in the first quarter of this year, Sinopec's chemical business achieved 75.104 billion yuan of revenue, a year-on-year decrease of 27.14%; realized an operating income of 3.069 billion yuan, turning losses over year-on-year, and the quarterly profit is constantly improving. The low oil price of

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will help to expand the price difference of petrochemical products and enhance the profitability. Qiu Xiaofeng of

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said that benefiting from relatively low oil prices, the price difference between olefins and naphtha has expanded, and the company's chemical business's profit in the first half of the year is the best in four years.

Sinopec also said that since this year, in the face of the severe situation of the new normal economy and the low fluctuation of international oil prices, in the face of market demand decline and overcapacity pressure, the group company has resolutely implemented the requirements of central government to guarantee growth, strengthened the analysis of macroeconomic situation, strengthened the research and judgment of international oil price trend, and strengthened the integrated planning of the whole industrial chain of petroleum and petrochemical industry We should do a good job in optimizing crude oil resources, balancing the production and marketing of diesel oil, developing natural gas business, expanding the export of refined oil, adjusting the structure of refining and chemical products, and improving the level of customer service.

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at the same time, the company actively promote strict management, strive to reduce costs and fees, ensure safe production, and have achieved good profits every month since March. Wang Yupu, chairman of the board of directors of

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, also pointed out at the meeting that the group company has been facing unprecedented market challenges and pressures since this year. The market has brought us a lot of problems and learned a lot from it.


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