What was Sinopec's first-quarter net income and year-on-year growth rate, and what were the main drivers?

Sinopec's first-quarter net income was 17 billion yuan ($2.49 billion), representing a 28% year-on-year increase. This growth was primarily driven by higher global oil prices—triggered by the Iran war—which increased the value of its crude inventory, while the company maintained stable fuel sales.

How did the Iran conflict affect Sinopec's operations in Q1, particularly regarding crude throughput and refined fuel sales?

The Iran conflict disrupted Middle Eastern crude oil supply, prompting Sinopec to reduce crude throughput by 5% in March; overall quarterly crude throughput was 62.02 million metric tons (down 0.2% YoY). Refined fuel sales dipped 0.2% year-on-year to 55.46 million tons, though domestic sales rose 0.6% to 43.42 million tons.

Sinopec First-Quarter Net Income Up 28% on Higher Oil Prices, Stable Fuel Sales

Apr 28, 2026

Sinopec reported a 28% year-on-year increase in first-quarter net income to 17 billion yuan, driven by higher global oil prices boosting crude inventory values. Meanwhile, ethylene production dropped 8% amid unfavorable market conditions while capital expenditure rose significantly.

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Sinopec First-Quarter Net Income Up 28% on Higher Oil Prices, Stable Fuel Sales

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