Workflow
中石化炼化工程(02386) - 2020 - 年度财报
SINOPEC SEGSINOPEC SEG(HK:02386)2021-03-21 10:06

Financial Performance - Revenue for 2020 was RMB 52,352,584, a slight increase of 0.2% compared to RMB 52,261,051 in 2019[20]. - Gross profit increased to RMB 5,714,072, reflecting a growth of 4.2% from RMB 5,482,733 in the previous year[20]. - Operating profit rose by 9.3% to RMB 2,204,379, up from RMB 2,017,007 in 2019[20]. - Net profit attributable to equity holders was RMB 2,381,905, marking a 9.1% increase from RMB 2,183,457 in 2019[20]. - Basic earnings per share increased to RMB 0.54, up 9.1% from RMB 0.49 in the previous year[20]. - The gross margin improved to 10.9% in 2020, compared to 10.5% in 2019[22]. - The net profit margin also increased to 4.6%, up from 4.2% in the previous year[22]. - The return on assets rose to 3.4%, compared to 3.1% in 2019[22]. - The total revenue for the reporting period was RMB 52.35 billion, with a profit attributable to shareholders of RMB 2.38 billion[50]. - The company reported a total revenue of RMB 52.35 billion, a slight increase of 0.2% compared to RMB 52.26 billion in 2019[120]. Assets and Liabilities - As of December 31, 2020, non-current assets amounted to RMB 7,409,911 thousand, reflecting a 2.1% increase compared to the end of 2019[19]. - Current assets reached RMB 64,055,416 thousand, representing a 5.7% increase from the previous year[19]. - Current liabilities were RMB 40,672,278 thousand, which is a 7.6% increase compared to the end of 2019[19]. - Non-current liabilities decreased by 9.8% to RMB 2,537,011 thousand from the previous year[19]. - The total assets as of December 31, 2020, were RMB 71.47 billion, an increase of RMB 3.59 billion from RMB 67.87 billion in 2019[138]. - The total liabilities as of December 31, 2020, were RMB 43.21 billion, an increase of RMB 2.61 billion from RMB 40.60 billion in 2019[138]. - The debt-to-asset ratio was 60.5% at the end of 2020, slightly up from 59.8% in 2019[23]. Contracts and Business Development - The total amount of new contracts signed in 2020 was RMB 63.014 billion, an increase of 20.4% compared to the previous year; the uncompleted contract amount at the end of 2020 was RMB 105.655 billion, up 11.2% from the end of 2019[38]. - The new contract amount signed during the reporting period was RMB 63.01 billion, representing a year-on-year increase of 20.4%, with overseas new contracts amounting to RMB 10.16 billion, up 50.9% year-on-year[50]. - The company plans to expand its business scope and extend its value chain in the energy and chemical engineering construction industry[12]. - The company completed the construction of an oil reserve within 8 months and established several integrated refining and chemical projects, enhancing its operational efficiency[39]. Dividends and Shareholder Returns - The company plans to distribute a final dividend of RMB 0.187 per share, in addition to an interim dividend of RMB 0.113 per share, resulting in a total annual dividend of RMB 0.300 per share, with a dividend payout ratio of 56%[38]. - The proposed final cash dividend for the year ended December 31, 2020, is RMB 0.187 per share, based on a total share capital of 4,428,000,000 shares[159]. - The final dividend will be distributed to shareholders registered by May 20, 2021, with payment expected by July 19, 2021[159]. Operational Efficiency and Innovation - The company aims to enhance its service levels through differentiation, internationalization, digital transformation, and intelligent upgrades[12]. - The company is focusing on technological innovation in response to new demands in the refining and chemical industry, enhancing its capabilities in process technology and equipment development[39]. - The company has established a cloud platform for remote diagnostics and optimization of petrochemical plants, ensuring efficient supply of essential materials during the pandemic[41]. - The company plans to enhance project management and cost control measures in 2021 to improve economic efficiency[76]. - The company is committed to advancing green and low-carbon development strategies, aligning with national goals of carbon peak and carbon neutrality[41]. Research and Development - The company completed 660 new patent applications, with 401 being invention patents, accounting for 60.8%[62]. - The company has established a carbon neutrality green technology joint R&D center with the Chinese Academy of Sciences to promote carbon peak and carbon neutrality strategies[65]. - The company has made significant progress in key research projects, including the development of solid superacid C5 and C6 isomerization technology, which passed acceptance on December 1[61]. Corporate Governance and Compliance - The company has strengthened corporate governance and compliance with regulations, enhancing investor relations and information disclosure quality[181]. - The company has established a comprehensive internal control system, aligning with regulations from the Ministry of Finance and other authorities, enhancing risk management and operational efficiency[186]. - The company’s independent non-executive directors reviewed the related party transactions and confirmed compliance with the relevant provisions of the Hong Kong Listing Rules[167]. - The board of directors consists of 7 members, including 3 independent non-executive directors, ensuring at least one-third independence[200]. Market Challenges and Opportunities - The company anticipates challenges in 2021, including ongoing pandemic impacts and the need for breakthroughs in core technologies, while also recognizing opportunities from domestic and international market dynamics[41]. - The company recognizes the challenges posed by the pandemic but anticipates a recovery in global trade and economic growth in 2021[69].