China Petroleum & Chemical : Sinopec Corp. announces 2017 interim results

Sinopec Chairman Wang Yupu (L2), Vice Chairman and President Dai Houliang (R2), CFO Wang Dehua (L1), and Vice President and Board Secretary Huang Wensheng (R1) attended the press conference.

On August 28, China Petroleum & Chemical Corporation ('Sinopec Corp.' or 'the Company') announced its interim results for the six months ended 30 June 2017 in Hong Kong.

In accordance with the International Financial Reporting Standards (IFRS), in the first half of 2017, the Company's operating profit was RMB39,309 million. Profit attributable to owners of the Company was 27,915 million, up 40.1% year-on-year. Basic earnings per share were RMB0.231. (In the first half of 2016, basic earnings per share were RMB0.165.)

Sinopec Chairman Wang Yupu said, 'In the first half of 2017, the Company achieved superior results by fully implementing value-oriented growth, innovation-driven development, integrated resource allocation, openness to cooperation, and green, low-carbon development strategies. Looking into the second half of 2017, we expect more reform measures to be announced by the Chinese government to revitalise real economy, the 'Belt and Road' Initiative, synergetic development of Beijing-Tianjin-Hebei and the Yangtze River Economic Belt development will be further implemented. The China's economy will maintain steady growth and drive the demand of refined oil products and petrochemical products as well as create new growth opportunities for petroleum and petrochemical industry. In the second half of 2017, in accordance with our objective of progressing at a steady pace to continually focus on growth stabilisation, market expansion, cost reduction, structural adjustments, reform, and consolidating the basis for the Company's further development.'