Sinopec Reports Slump in Full-Year Profit as Headwinds Mount
A Sinopec fuling plant in Chongqing, China.
Photographer: Na Bian/BloombergThis article is for subscribers only.
Sinopec’s full-year profit tumbled 16% amid sluggish demand, with China’s oil consumption likely nearing a peak.
The country’s biggest refiner saw net income fall to 49 billion yuan ($6.8 billion) in 2024 from 58.3 billion yuan a year earlier, according to a filing on Sunday, citing international reporting standards. That compared with analysts’ expectations for a profit of 56.4 billion yuan.