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4-Traders Homepage  >  Equities  >  SHANGHAI STOCK EXCHANGE  >  China Petroleum & Chemical Corp    600028   CNE0000018G1

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

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08/29/2017 | 09:28am CEST

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.'

China Petroleum & Chemical Corporation published this content on 29 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 29 August 2017 07:27:05 UTC.

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Financials ( CNY)
Sales 2017 2 152 B
EBIT 2017 81 298 M
Net income 2017 50 684 M
Debt 2017 35 092 M
Yield 2017 3,83%
P/E ratio 2017 13,83
P/E ratio 2018 12,63
EV / Sales 2017 0,34x
EV / Sales 2018 0,31x
Capitalization 689 B
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 6,79  CNY
Spread / Average Target 15%
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Managers
NameTitle
Hou Liang Dai Chairman & President
Dong Zhao Chairman-Supervisory Board
De Hua Wang Chief Financial Officer
Zhi Gang Wang Executive Director & Senior Vice President
Hai Chao Zhang Executive Director & Senior Vice President
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