Sinopec, a petroleum and petrochemical enterprise group, has reported 28.8 decline in its turnover and other operating revenues to RMB 2,105.9 billion during fiscal 2020 ended on December 31, 2020 compared to RMB 2,959.8 billion in the prior fiscal. EBIT (earnings before interest and taxes) for the year was RMB 57.6 billion (FY19: RMB 100.0 billion).
“The domestic demand for refined oil products decreased, natural gas demand growth rate slowed down, while petrochemical products demand still maintained a rapid growth,” the group said in a press release.
Profit attributable to shareholders of the company was RMB 33.0 billion (RMB 57.5 million).
The group further stated that in 2021, it expects demand for refined oil products will gradually recover and the demand for natural gas and petrochemical products will continue to grow, and international oil price is expected to be higher than that of last year.
Fibre2Fashion News Desk (JL)
Sinopec, a petroleum and petrochemical enterprise group, has reported 28.8 decline in its turnover and other operating revenues to RMB 2,105.9 billion during fiscal 2020 ended on December 31, 2020 compared to RMB 2,959.8 billion in the prior fiscal. EBIT (earnings before interest and taxes) for the year was RMB 57.6 billion (FY19: RMB 100.0 billion).