China's Sinopec reports 7% drop in profit in 2022
Chinese state-owned energy company Sinopec on March 26 reported a 6.9% year/year drop in net profit in 2022 as demand for its products shrank due to COVID-19 restrictions in the country.
The company said that its net profit declined to 66.30bn yuan ($9.65bn) from 71.2bn yuan in the same period last year. Its revenue came in at 3.32 trillion yuan, up 21.1% yr/yr. Last year, the company’s gas output was 35.365bn m3, up 4.1% yr/yr.
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In 2023, Sinopec expects demand for natural gas, refined products and chemicals to grow rapidly. International crude oil price is likely to fluctuate at medium and high price level due to changes in global supply and demand, geopolitics and inventory, it said.
In the natural gas segment, Sinopec plans to speed up the construction of the production capacity of marine-face gas fields in west Sichuan and the northern part of Hubei, and improve natural gas production efficiency and profitability; diversify natural gas sourcing channels, cultivate high-loyalty customers, and continue to upgrade the natural gas production, supply, storage and marketing system.