What were Sinopec's H1 2024 revenue and net profit figures, and how did they change year-on-year?

Sinopec reported H1 2024 revenue of RMB 1.4366 trillion, representing a 2% year-on-year increase; its net profit attributable to parent company shareholders was RMB 25.6 billion, up 19.3% year-on-year.

According to Sinopec, what were the main drivers behind its nearly 20% H1 net profit growth?

Sinopec attributed its nearly 20% H1 net profit growth primarily to higher sales prices of petroleum and petrochemical products driven by rising crude oil prices; it also highlighted intensified upstream development efforts to boost output of high-value-added products such as jet fuel and refining by-products, and inventory gains resulting from higher prices for crude oil and refined products.

Middle East Conflict Reshapes Supply-Demand; Sinopec H1 Net Profit Surges Nearly 20%

Aug 24, 2026

Sinopec reported a 19.3% year-on-year increase in H1 net profit to 25.6 billion yuan, driven by higher oil prices amid Middle East tensions. Upstream expansion and inventory gains further supported the strong performance.

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Middle East Conflict Reshapes Supply-Demand; Sinopec H1 Net Profit Surges Nearly 20%

Middle East Conflict Reshapes Supply-Demand; Sinopec H1 Net Profit Surges Nearly 20%

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