China's Sinopec 2009 net profit more than doubles to $9bn

29 March 2010 07:40  [Source: ICIS news]

GUANGZHOU (ICIS news)--Sinopec, Asia’s biggest refiner, has more than doubled its net profit to CNY61.8bn ($9bn) in 2009 due to a recovery in demand for oil products and chemicals, the company said on Monday.

The refiner’s operating profit increased more than tripled to CNY84.4bn last year due to higher sales volumes, the company said in a filing to the Hong Kong Stock Exchange.

Full-year revenues, however,  slipped 6.9% to CNY1,316bn due to lower product prices, it said.

The company’s crude oil production inched up 1.5% year on year to 42.4m tonnes last year, while its processed crude increased 6.7% to 182.6m tonnes for the year, it said.

Production volume of oil products (gasoline, diesel and kerosene) was at 113.7m tonnes and domestic sales at 124.0m tonnes, up 5.9% and 0.8% respectively.

The company produced 6.7m tonnes of ethylene in 2009, up 6.7% year on year. Sinopec’s chemicals sales declined 12.3% to CNY192.7bn, representing 14.3% of its total income.

Its ethylene and synthetic resin outputs last year rose 6.7% year on year to 6.7m tonnes and 10.3m tonnes, respectively. Synthetic rubber production also grew 6.0% to 884,000 tonnes, while output of synthetic fibre was up 3.3% at 1.3m tonnes.

Meanwhile, Sinopec's output of synthetic fibre monomer and polymer rose 7.4% to 7.8m tonnes, while urea production totalled 1.7m tonnes, up 6.2% year on year.

Sinopec expected that domestic demand of fuel and chemicals would continue to grow this year on the back of the government's economic pump-priming efforts, as well as the recovery of the world economy.

In 2010, the company said it planned to produce 8.7m tonnes of ethylene.

Sinopec said it would focus on key ethylene projects including Fujian, Tianjin and Zhenhai to ensure smooth progress and commissioning.

It said that it also intends to promote development of new products and to adjust product mix to increase the proportion of marketable and high value-added products.

Item

Sales( tonnes)

Chg on year %

Ave. realised price (CNY/tonne)

Chg on year %

Raw chemicals

13.3m

24.4

4359

(30.1)

synthetic fibre monomer and polymer

4.7m

16.5

6530

(18.9)

synthetic resins

8.7m

10.7

8072

(20.0)

synthetic fibre

1.4m

4.8

9140

(12.9)

synthetic rubber

1.1m

13.6

11448

(29.2)

urea

1.7m

6.7

1657

(4.2%)

($1 = CNY6.83)

For more on petrochemicals visit ICIS chemical intelligence
To discuss issues facing the chemical industry go to ICIS connect


By: Fanny Zhang
+65 6780 4359



AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

ICIS news FREE TRIAL
Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index