china petroleum & chemical-h (SNPMF) Key Developments
China Petroleum & Chemical Plans Listing Retail Store Business
Mar 24 15
Fu Chengyu, Chairman of China Petroleum & Chemical Corp. (SEHK:386) stated that the retail store business in coastal areas rose fast and an online retail platform would be launched for trial operation in April 2015 and it would consider spinning off and listing the business.
China Petroleum & Chemical Corp. Provides Earnings Guidance for the First Quarter of 2015
Mar 22 15
China Petroleum & Chemical Corp. provided earnings guidance for the first quarter of 2015. The company announced the price of international crude oil has declined significantly since the fourth quarter of 2014 and still remained at a low level in the first quarter of 2015. The crude oil realised price of the company experienced sharp decline, and refining segment and sales of refined oil products digested high cost crude oil and refined oil product inventories, leading to significant decrease in the net profit attributable to shareholders of the company for the profit warning period which is estimated to be in the vicinity of the breakeven point. The company plans to cut capital expenditure by 12% to CNY 135.9 billion this year.
China Petroleum & Chemical Corp. Proposes Final Cash Dividend for the Year Ended December 31, 2014, Payable on or Before June 30, 2015
Mar 22 15
At the 23rd meeting of the fifth session of the Board, the Board of China Petroleum & Chemical Corp. approved the proposal to distribute a final cash dividend of RMB 0.11 (tax included) per share combining with an interim distributed dividend of RMB 0.09 (tax included) per share, the total dividend for the whole year is RMB 0.20 (tax included) per share. The final cash dividend will be distributed on or before June 30, 2015 to all shareholders whose names appear on the register of members of Sinopec Corp. on the record date of June 18, 2015. The H shares register of members of Sinopec Corp. will be closed from June 12, 2015 to June 18, 2015.
China Petroleum & Chemical Corporation Proposes Amendments to the Articles of Association
Mar 22 15
China Petroleum & Chemical Corporation proposed to amend the articles of association of the company and the rules and procedures for the supervisors' meetings in accordance with the business development of Sinopec Corp. The amendments are based on the framework of its existing Articles and Association and the Rules and Prodecures for the supervisors' meetings and take into account of the actual situation of the company.
Sinopec Corp. Announces Audited Earnings Results for the Year Ended December 31, 2014
Mar 22 15
Sinopec Corp. announced audited earnings results for the year ended December 31, 2014. For the period the company reported turnover and other operating revenues of RMB 2,825,914 million against RMB 2,880,311 million for the same period last year. Operating profit was RMB 73,487 million against RMB 96,785 million for the same period last year. Profit before taxation was RMB 65,504 million against RMB 95,052 million for the same period last year. Profit attributable to equity shareholders of the company was RMB 46,466 million or RMB 0.406 per basic and diluted share against RMB 66,132 million or RMB 0.543 per diluted share for the same period last year. In 2014, the company's turnover was decreased over 2013. This was mainly attributable to the decline of crude oil and petrochemical products prices. Weighted average return on net assets was 8.14% against 12.24% a year ago. Weighted average return (excluding extraordinary gain and loss) on net assets was 7.42% against 12.15% a year ago. Net cash flow from operating activities per share was RMB 1.270 against RMB 1.308 a year ago. Net assets attributable to equity shareholders of the company per share were RMB 5.089 against RMB 4.912 a year ago.