Sinopec Corp.(600028) 华夏时报·2025-03-28 23:09Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) reported a decline in revenue and net profit for 2024, primarily due to falling prices and sales of refined oil products [1][2] Financial Performance - In 2024, Sinopec achieved operating revenue of 3.07 trillion yuan, a decrease of 4.3% year-on-year; net profit attributable to shareholders was 50.31 billion yuan, down 16.8% year-on-year; and net profit excluding non-recurring items was 48.06 billion yuan, down 20.82% year-on-year [1] - For Q4 2024, Sinopec's operating revenue was 708.02 billion yuan, a decline of 4.61% year-on-year and 10.42% quarter-on-quarter; net profit attributable to shareholders was 6.07 billion yuan, down 19.09% year-on-year and 29.00% quarter-on-quarter; net profit excluding non-recurring items was 4.09 billion yuan, down 60.72% year-on-year and 51.22% quarter-on-quarter [1] Segment Performance - The exploration and development segment generated revenue of 297.2 billion yuan, down 0.9% year-on-year; the refining segment's revenue was 1.4815 trillion yuan, down 3.2% year-on-year; and the marketing and distribution segment's revenue was 1.7144 trillion yuan, down 5.7% year-on-year [2] - Gasoline sales revenue was 813.8 billion yuan, down 2.1% year-on-year; diesel sales revenue was 562.8 billion yuan, down 10.1% year-on-year; and kerosene sales revenue was 153 billion yuan, down 1.1% year-on-year [3] Market Conditions - International oil prices fluctuated significantly in 2024, with an average Brent crude price of $80.8 per barrel, down 2.2% year-on-year; domestic refined oil consumption decreased by 1.9% year-on-year [3] - The domestic demand for refined oil products, including gasoline, diesel, and kerosene, was 404 million tons, with gasoline consumption down 1.2% and diesel down 5.4% year-on-year [3] Chemical Sector Performance - The domestic chemical market saw a 2.4% year-on-year increase in ethylene equivalent consumption; the chemical segment's revenue was 523.9 billion yuan, up 1.7% year-on-year [4] - The chemical segment faced a loss of 10 billion yuan, an increase in loss of 4 billion yuan year-on-year, due to factors like new capacity release and reduced margins [4] Dividend and Share Buyback - Sinopec plans to distribute a total dividend of 0.286 yuan per share for 2024, with a payout ratio of 68.94%, remaining stable compared to the previous year; the total amount for dividends and share buybacks is expected to reach 370 billion yuan, with a profit distribution ratio of approximately 75% [6][7] Capital Expenditure - For 2025, Sinopec plans to reduce capital expenditure to 164.3 billion yuan, a decrease of 10.7 billion yuan or 6% year-on-year, with specific reductions in exploration and development, refining, and marketing segments [8]