Sinopec Corp.(600028)2024-10-28 09:25Financial Performance - Operating revenue for the third quarter of 2024 was RMB 790.41 billion, a decrease of 9.8% compared to RMB 876.26 billion in the same period of 2023[3] - Net profit attributable to shareholders of the listed company for the third quarter was RMB 8.54 billion, down 52.1% from RMB 17.86 billion year-on-year[3] - The basic earnings per share for the third quarter was RMB 0.070, a decrease of 53.0% from RMB 0.149 in the same quarter last year[3] - Net profit fell by 53.7% to RMB 9,861 million from RMB 21,278 million, a decrease of RMB 11,417 million[7] - The total operating profit for the first nine months of 2024 was RMB 63,591 million, a decrease of 19.8% compared to RMB 79,287 million in the same period of 2023[41] - The company reported a total comprehensive income of RMB 9,292 million for Q3 2024, down from RMB 25,463 million in Q3 2023[31] - The company’s net profit attributable to shareholders was RMB 442.47 billion, a decrease of 16.5% year-on-year[14] Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date period was RMB 101.54 billion, an increase of 3.3% compared to RMB 98.31 billion in the previous year[5] - Cash received from tax refunds decreased by 33.3% to RMB 6,140 million from RMB 9,202 million, a reduction of RMB 3,062 million[8] - Cash inflow from financing activities surged to RMB 15,137 million from RMB 957 million, a remarkable increase of 1,481.7%[8] - The net cash flow from investing activities was RMB (99,801) million, an improvement compared to RMB (120,662) million in the same period last year, indicating a reduction in cash outflow by 17.3%[33] - The company reported a net cash flow from financing activities of RMB (7,621) million, contrasting with a positive cash flow of RMB 56,645 million in the same period last year[34] - The cash and cash equivalents at the end of the period were RMB 115,549 million, a decrease from RMB 128,468 million at the end of the previous year, indicating a reduction of 10.0%[34] Assets and Liabilities - Total assets as of September 30, 2024, were RMB 2,095.55 billion, reflecting a 3.5% increase from RMB 2,024.70 billion at the end of 2023[5] - The company’s total liabilities increased by 3.5% year-on-year, reflecting ongoing investments and operational expansions[5] - The total liabilities increased to RMB 1,121,216 million from RMB 1,068,019 million, reflecting a rise of approximately 5%[26] - Shareholders' equity amounted to RMB 976,417 million as of September 30, 2024, up from RMB 958,655 million, indicating an increase of about 1.9%[26] - The company’s long-term investments reached RMB 238,705 million, slightly up from RMB 234,608 million, reflecting a growth of about 1.5%[25] Operational Highlights - The company’s oil and gas equivalent production reached 386.06 million barrels, an increase of 2.6% year-on-year, with natural gas production at 1,048.14 billion cubic feet, up 5.6%[15] - The refining segment processed 19.069 million tons of crude oil, producing 11.660 million tons of refined oil, with gasoline production increasing by 4.1%[16] - Total refined oil sales volume was 18.167 million tons, a year-on-year increase of 0.6%, while domestic refined oil sales volume decreased by 3.2%[17] - The chemical segment reported a total operating volume of 6.217 million tons, with a pre-tax loss of RMB 47.87 billion[19] - The average price of crude oil realized was 7.48 per thousand cubic feet[15] Investment and Expenditures - Capital expenditures for the first three quarters of 2024 totaled RMB 863.50 billion, with RMB 507.65 billion allocated to exploration and development[20] - The company reported a total investment income of RMB 11,141 million for the first nine months of 2024, significantly up from RMB 2,190 million in the same period of 2023[40] - The company initiated a share buyback program, repurchasing 7,490,800 A shares and 111,192,000 H shares by September 30, 2024[22] Shareholder Information - Total number of shareholders at the end of the reporting period was 5,332, with the largest shareholder being China Petroleum & Chemical Corporation holding 68.25%[9] - The top ten shareholders collectively hold a significant portion of the company's shares, with the largest shareholder owning over 83 billion shares[11] Accounting and Policy Changes - The company implemented changes in accounting policies in 2024, following the Ministry of Finance's recent guidelines, particularly regarding the classification of current and non-current liabilities[55] - The company noted that the adoption of new accounting standards did not have a significant impact on its financial position and operating results[56]