REG - China Pet &Chem Corp - Trading Statement

China Petroleum & ChemicalAnnouncement

27/01/2022 09:50

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RNS Number : 8545Z  China Petroleum & Chemical Corp  27 January 2022

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 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:

 

•        Under the PRC Accounting Standards for Business Enterprises,
the net profit attributable to equity shareholders of the Company for 2021 is
estimated to increase by an amount between RMB34 billion and RMB40 billion,
representing an increase between approximately 103% and 122%, as compared with
the corresponding period of the previous year.

 

•        Under the PRC Accounting Standards for Business Enterprises,
the net profit attributable to equity shareholders of the Company excluding
extraordinary gains and losses for 2021 is estimated to increase by an amount
between RMB66 billion and RMB75 billion.

 

1.       The estimated results for the period

 

(1)     The period of estimated results

 

From 1 January 2021 to 31 December 2021

 

(2)     The estimated results

 

According to the preliminary calculation by the finance department, 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 2021 is estimated to increase by an amount
between RMB34 billion and RMB40 billion, representing an increase between
approximately 103% and 122%, as compared with the corresponding period of the
previous year. The net profit attributable to equity shareholders of the
Company excluding extraordinary gains and losses for 2021 is estimated to
increase by an amount between RMB66 billion and RMB75 billion, as compared
with the corresponding period of the previous year.

 

As certain transactions conducted by the Company were classified as business
combination under common control, retrospective adjustments were made to
relevant financial data. After such adjustments, under the PRC Accounting
Standards for Business Enterprises, the net profit attributable to equity
shareholders of the Company for 2021 is estimated to increase by an amount
between RMB33.5 billion and RMB39.5 billion, representing an increase between
approximately 101% and 119%, as compared with the corresponding period of the
previous year. The net profit attributable to equity shareholders of the
Company excluding extraordinary gains and losses for 2021 is estimated to
increase by an amount between RMB66 billion and RMB75 billion, as compared
with the corresponding period of the previous year.

 

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

 

2.       Results disclosed for the corresponding periods of the previous
year

 

(1)     The net profit attributable to equity shareholders of the Company:
RMB32.924 billion.

 

The net profit attributable to equity shareholders of the Company excluding
extraordinary gains and losses: RMB-1.565 billion.

 

(2)     Basic earnings per share: RMB0.272.

 

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

 

In 2021, international crude oil prices rose substantially year over year, the
domestic economy recovered steadily, and the demand for petroleum and
petrochemical products recovered. The Company seized the favorable market
opportunities, continued to conduct in-depth optimization of the whole value
chain with a market-oriented approach, vigorously pursued market development
and sales expansion, strengthened the cost control, and significantly improved
the gross profit of principal businesses. As a result, the Company achieved
the highest net profit attributable to the equity shareholders in the past ten
years.

 

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 audited annual report 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

27 January 2022

 

As of the date of this announcement, directors of the Company are: Ma
Yongsheng(*), Zhao Dong(*), Yu Baocai(#), Ling Yiqun(#), Li Yonglin(#), Liu
Hongbin(#), Cai Hongbin(+), Ng, Kar Ling Johnny(+), Shi Dan(+) and Bi
Mingjian(+).

 

#    Executive Director

*    Non-executive Director

+    Independent Non-executive Director

 

 

 

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