Guangzhou (JLC), April 29, 2025--Sinopec's net profit attributable to its shareholders slumped by 27.6% year on year in the first quarter (Q1) of 2025 when oil product demand dropped, according to the company's quarterly report released on April 28.
Sinopec's net profit came in at CNY13.26 billion in the period, down from CNY18.32 billion in the same period last year, data from the report shows.
Meanwhile, the company's revenue stood at CNY735.36 billion, a drop of 6.9% year on year.
Domestic demand for refined oil products (gasoline, diesel, and jet fuel) in the period dropped by 4.0% year on year, Sinopec said in its report. As a result, the company's total sales of these products fell by 7.1% year on year to 55.59 million mt.
Sinopec's combined output of oil products in the period decreased by 4.2% year on year to 37.19 million mt, the data indicates. In breakdown, it slightly cut its production of gasoline by 0.2% to 16.18 million mt, while slashing that of diesel by 13.9% to 12.70 million mt. On the contrary, it raised its kerosene output by 5.7% to 8.31 million mt.
The company processed about 62.13 million mt of crude oil in Q1 2025, a decline of 1.8% from Q1 2024.
At the same time, Sinopec's oil and gas production amounted to 130.97 million barrels of oil equivalent, a year-on-year gain of 1.7%. Its crude output went down by 1.2% to 69.53 million barrels, while natural gas output moved up by 5.1% to 368.43 billion cubic feet.
