Sinopec total turnover increases in 2010

China Petroleum & Chemical Corporation announced its audited annual results for the full year ended 31 December, 2010.

Financial Highlights:

• In accordance with the PRC Accounting Standards for Business Enterprises (ASBE), the Company's operating income was RMB 1,913.18 billion, up 42.2% from the same period in 2009. Net profit attributable to equity holders of the company and basic earnings per share were RMB 70.71 billion and RMB 0.816 respectively, representing an increase of 12.8% over the same period of last year.
• In accordance with the International Financial Reporting Standards (IFRS), in 2010, the Company's turnover, other operating revenues and other income amounted to RMB 1,913.18 billion, up 42.2% from the same period in 2009. Net profit attributable to equity holders of the Company and basic earnings per share were RMB 71.80 billion and RMB 0.828 respectively, up 13.7% over the same period of last year.
• The Board of Directors recommended a final dividend of RMB 0.13 per share, bringing 2010 full year dividend to RMB 0.21 per share.

Business Highlights

• In 2010, the Company produced 328 million barrels of crude oil, stable compared to the same period last year; and produced 441.4 billion cubic feet of natural gas, representing an increase of 47.6% over the same period last year. The exploration and production segment recorded an operating profit of RMB 47.15 billion for 2010, representing a year-on-year increase of 97.3%.
• In 2010, the company processed 211 million tonnes of crude oil, up 13.2% year-on-year, and produced 124 million tonnes of refined oil products, an increase of 9.4% from the previous year. The refining segment recorded an operating profit of RMB 15.86 billion, declined by 42.4% from 2009.
• Total domestic sales volume of refined oil products reached 140 million tonnes, representing a year-on-year increase of 13.3%. The marketing and distribution segment recorded an annual operating profit of RMB 30.76 billion, up 1.5% over 2009.
• Total sales volume of chemical products for 2010 reached 43.50 million tonnes. Ethylene annual output reached 9.059 million tonnes, up 34.9% over the same period last year. The chemicals segment recorded an operating profit of RMB 15.04 billion for 2010, increased by 8.9% year-on-year.
• Total capital expenditure for 2010 was RMB 113.651 billion.

In 2010, the Company's total turnover, other operating income and other revenues increased by 42.2% year-on-year to approximately RMB1,913.18 billion. Sinopec's operating profit was RMB 105.0 billion, representing an increase of 15.8% over same period of 2009. This mainly attributed to the fast growth of domestic economy, growing demand for petroleum and petrochemical products, and continuous expansion of the Company's operational scale, and the increase in the price of crude oil, oil products and petrochemical products. Profit attributable to equity shareholders of the Company was RMB71.80 billion, up 13.7% compared to 2009. Basic earnings per share were RMB 0.828, up 13.7% over the same period of last year. The Board of Directors recommended a final dividend of RMB 0.13 per share, bringing 2010 full year dividend to RMB 0.21 per share.

All the aforementioned achievements in 2010 showcased the Company’s accomplishment of all targets set for the 11th Five-Year Plan. Compared with 2005, the company’s total turnover, other operating income and other revenues, increased by 129.8% to approximately RMB1,913.18 billion, total assets increased by 85.2% to RMB995.15 billion; total equity attributable to equity shareholders of the Company increased by 87.45% to RMB419.05 billion.

Over the past five years, crude production increased by 17.6% to 328 million barrels, natural gas production increased by 98.9% to 441.4 billion cubic feet; refinery throughput jumped from 140 million tonnes to 211 million tonnes, becoming the 2nd largest refiner globally; total sales of refined oil products went up 41.9% to 149 million tonnes with the Company’s self-operated service stations increased to 29,601, which is now the world’s 2nd largest network.

Ethylene production went up 70.3% to 9,059 thousand tonnes, ranked fourth across the globe. Cumulative corporate tax amounted to RMB705.7 billion, and cumulative dividend to shareholders reached RMB72.0 billion. Sinopec achieved multiple corporate development targets, contributed to the country, created value to shareholders, fulfilled social responsibilities and benefited its staff.