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REG - China Pet &Chem Corp - Estimated Increase in Profit for Q1 2021




 



RNS Number : 7198T
China Petroleum & Chemical Corp
29 March 2021
 

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibilities for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.


(a joint stock limited company incorporated in the People's Republic of China with limited liability)

(Stock Code: 00386)

Estimated Increase in Profit for the First Quarter of 2021

This announcement is made pursuant to the Inside Information Provision under Part XIVA of the Securities and Futures Ordinance and Rules 13.09(2) and 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

The Board and all directors of Sinopec Corp. warrant that there are no false representations, misleading statements or material omissions contained in this announcement and severally and jointly accept full responsibility for the authenticity, accuracy and completeness of the information contained herein.

 

Important Notice:

·       The net profit attributable to equity shareholders of the Company for the first quarter of 2021 is estimated to be between RMB16.0 billion and RMB18.0 billion.

·       The net profit attributable to equity shareholders of the Company excluding extraordinary gains and losses for the first quarter of 2021 is estimated to be between RMB15.9 billion and RMB17.9 billion.

1. The estimated results for the period

(1) The period of estimated results

From 1 January 2021 to 31 March 2021


(2) The estimated results

According to the preliminary calculation, under the PRC Accounting Standards for Business Enterprises, the net profit attributable to equity shareholders of China Petroleum & Chemical Corporation ("Sinopec Corp." or the "Company") for the first quarter of 2021 is estimated to be between RMB16.0 billion and RMB18.0 billion, expected to achieve a turnaround from loss to profit as compared with the corresponding period in 2020 and representing an estimated increase between 8.1% and 21.6% as compared with the corresponding period of 2019. The net profit attributable to equity shareholders of the Company excluding extraordinary gains and losses for the first quarter of 2021 is estimated to be between RMB15.9 billion and RMB17.9 billion, expected to achieve a turnaround from loss to profit as compared with the corresponding period in 2020 and representing an estimated increase between 10.4% and 24.3% as compared with the corresponding period of 2019.

(3) The above estimated results are not audited by the auditors.

2. Results for the corresponding periods

Items

 

Frist Quarter of 2020

 

First Quarter of 2019

 

Net profit attributable to equity shareholders of the Company (RMB100 million)

 

-199

148

Net profit attributable to equity shareholders of the Company excluding extraordinary gains and losses (RMB100 million)

 

-204

144

Basic earnings per share (RMB)

 

-0.164

0.122

NoteThe above data have been adjusted retrospectively.

3. Major reasons for the estimated increase in profit for the period

At the beginning of 2020, due to the dual impact of the COVID-19 epidemic and the plunge in oil prices, the global consumption of petroleum and petrochemical products shrunk sharply, greatly impacting the Company's production and operation and resulting in loss in operating results in the first quarter of 2020. In the first quarter of 2021, the Company's operating performance improved significantly, and is expected to achieve a turnaround as compared with the corresponding period in 2020 and to achieve an increase as compared with the corresponding period in 2019. The major reasons are as follows: Since the beginning of the current year, the effects of global epidemic prevention and control have gradually emerged. The epidemic has been effectively controlled domestically and economic operations have maintained restorative growth. The Company seized the favourable opportunity of rising international crude oil prices and of significantly improving market demand for petroleum and petrochemical products, and made every effort to optimize production and operation arrangements and vigorously promoted the overall efficiency of the industrial chain and value chain, resulting in a significant increase in the volume of refinery throughput, as well as sales of refined oil products and major chemical products, maintaining the gross profit at high level. Meanwhile, efforts have been continuously strengthened for costs and expenses reduction, effectively reducing the crude oil procurement costs and operating costs, and good performance has been achieved.

4. Risk alert

There are no major uncertainties which will affect the accuracy of this estimated result of the Company.


5. Other information

The above estimated data are only based on preliminary calculation. Final financial information in the quarterly report for the first quarter of 2021 to be formally published by the Company shall prevail. Investors of the Company are advised to exercise caution when dealing in securities of the Company

By Order of the Board

China Petroleum & Chemical Corporation

Huang Wensheng

Vice President and Secretary to the Board of Directors

 

Beijing, PRC
26 March 2021

As of the date of this announcement, directors of the Company are: Zhang Yuzhuo*, Ma Yongsheng#, Yu Baocai# , Liu Hongbin#, Ling Yiqun#, Zhang Shaofeng*, Tang Min+, Cai Hongbin+, Ng, Kar Ling Johnny+

 # Executive Director
*Non-executive Director
+Independent Non-executive Director

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