On April 28, China Petroleum & Chemical Corporation (hereinafter referred to as Sinopec) released its 2021 first quarter performance report. In accordance with International Financial Reporting Standards, Sinopec’s net profit attributable to shareholders of the company in the first quarter amounted to RMB 18.543 billion, and basic earnings per share were RMB 0.153.

In the first quarter of 2020, due to the sharp decline in downstream market demand and inventory impairment caused by the new crown epidemic, Sinopec suffered a net loss of 19.229 billion yuan. The above-mentioned performance in the first quarter of 2021 not only turned around significantly, but also was better than the same period in 2019.

A reporter from the International Energy Network learned that Sinopec has achieved a full turnaround in crude oil processing, ethylene production in the chemical industry, or sales of refined oil.

In the first quarter, Sinopec processed 62.52 million tons of crude oil, a year-on-year increase of 16.3%. The pre-interest and tax profit of the refining segment was 19.885 billion yuan; the total domestic sales of refined oil products was 40.03 million tons. The pre-interest and tax profit of the marketing and distribution segment was 8.55 billion yuan, the output of ethylene was 3.38 million tons, an increase of 11.7% year-on-year; the total operating volume of chemical products was 19.98 million tons, an increase of 10.53% year-on-year. The pre-interest and tax profit of the chemical sector was 8.933 billion yuan, a full year-on-year turnaround.