Friday, November 27, 2020
Martin Hennecke

Sinopec bounces back to record profit
Top Asian oil refiner China Petroleum & Chemical Corporation (0386), or Sinopec, swung to a record quarterly profit in July-September, a company filing showed yesterday, thanks to a robust refining business and earnings from the spin-off of pipeline assets. The firm posted a net income of 46.39 billion yuan (HK$53.47 billion) during the three months, nearly quadruple the level a year earlier, Sinopec said in a filing to the Shanghai Stock Exchange, after losses in the first two quarters of the year. That's the highest quarterly profit according to Refinitiv Eikon data going back to 2003. In the first nine months of 2020, net profit was down 45.7 percent year on year at 23.51 billion yuan under Chinese accounting standards. Weighed by weaker oil prices, revenue fell 30.4 percent to 1.55 trillion yuan.
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