Guangzhou (JLC), March 24, 2025--Sinopec's net profit attributable to its shareholders plunged by 16.8% year on year in 2024, mainly due to decreasing prices of most products and shrinking sales of some products, according to the company's annual report released on March 23.
Sinopec's net profit came in at CNY50.31 billion in 2024, down from CNY60.46 billion in 2023, data from the report shows.
Meanwhile, the company's revenue also saw a drop in the year, with the figure falling by 4.3% year on year to CNY3.07 trillion.
The report also revealed data on the company's production and sales.
Sinopec processed about 252.30 million mt of crude oil in 2024, a decline of 2.0% from 2023. The company raised its production of gasoline and kerosene by 2.6% and 8.6% to 64.15 million mt and 31.43 million mt, respectively, while cutting that of diesel by 10.3% to 57.91 million mt.
The combined output of these products went down by 1.6% year on year, the data indicates. As for the total sales of these products, they settled at 239.33 million mt in the year, roughly stable from 239.05 million mt in the year before.
At the same time, Sinopec's oil and gas production amounted to 515.35 million barrels of oil equivalent, up 2.2% year on year. Its crude output inched up by 0.3% to 281.85 million barrels, while natural gas output moved up by 4.7% to 1.40 trillion cubic feet.
For 2025, the company plans to process 255 million mt of crude oil and produce 155 million mt of oil products, an increase of 1.1% and 1.0% from 2024, respectively, calculation shows based on the report data. It also aims to produce 280.15 million barrels of crude oil and 1.45 trillion cubic feet of natural gas.
