Sinopec Publishes 2024 Operating Results, Hits 75 Percent Profit Distribution Rate

BEIJING,April 1, 2025/PRNewswire/ -- China Petroleum& Chemical Corporation (HKG: 0386,"Sinopec") officially disclosed the Company's operating revenue in accordance with International Financial Reporting Standards (IFRS) onMarch 23, hitting3.07 trillion yuan(USD 422.739 billion) with profit attributable to shareholders amounting to48.94 billion yuan(USD 6.74 billion) and earnings per share reaching0.404 yuan.

Sinopec stresses shareholder returns and has implemented a return-oriented action plan with enhanced quality and efficiency, a dividend return plan for shareholders in the next three years, and its first-ever market value management strategy. It is expected that a cash dividend of0.286 yuanper share (including tax) will be paid for the whole year of 2024, which, when combined with the repurchase amount, will result in an annual payout ratio of 75 percent.

In 2024, Sinopec reported record highs in terms of oil and gas equivalent production, crude oil processing volume, kerosene production, and domestic oil and gas reserve replacement rate:

• Produced 515.35 million barrels of oil and gas equivalent, 1,400.4 billion cubic feet of natural gas, up 4.7 percent year-on-year, and hit record high of natural gas industry chain profit;
• Produced 254 million barrels of crude oil, up 0.9 percent year-on-year with domestic oil and gas reserve replacement rate reaching 144 percent;
• Processed 252 million tonnes of crude oil, a year-on-year increase in kerosene production of 8.6 percent;
• PX production hit record high; the annual ethylene output was 13.47 million tonnes, and the total sales volume of chemical products was 83.45 million tonnes, of which the export volume increased by 13.1 percent year-on-year;
• The total sales volume of refined oil products reached 239 million tonnes.

As a service provider of fuel, natural gas, hydrogen, electricity and non-fuel business, Sinopec responds to market changes and gives full play to its integration and network advantages, building over 1,000 LNG/CNG refueling stations and over 10,000 battery charging and swapping stations. Pushing forward the steady development of hydrogen mobility, Sinopec is also exploring the domestic and international low-sulfur marine fuel market and has the second highest marketing volume of marine fuel in the world.

Sinopec is also vigorously promoting the integration of sci-tech innovation and industrial innovation. It has put into operation the world's first cyclohexene esterification hydrogenation unit for producing cyclohexanone and digital twin-based smart ethylene factory, also completedChina'sfirst factory-scale seawater to hydrogen production demonstration project. Throughout 2024, Sinopec applied for 9,666 domestic and foreign patents, and 5,550 were authorized.

In addition, Sinopec is responding to climate challenges with concrete actions; it's carrying out the second phase of the green enterprise action program and launched the10,000 PV Sitesinitiative. The annual carbon capture volume has increased 20.1 percent year-on-year, and methane recovery increased by 9.4 percent. It has lowered comprehensive energy consumption per10,000 yuanof production output by 4.9 percent year-on-year. With the rapid development of emerging industries such as hydrogen energy, biofuels, CCUS and more, Sinopec has established 11 hydrogen fuel cell supply centers inChinaand successfully developed the"Beijing-Shanghai Hydrogen Transportation Corridor."

"In 2025, asChina'seconomy rebounds, Sinopec will have a broader space for transformation and upgrading. We will anchor on high-end, high-quality, intelligent and green development, while steadily carrying out green and low-carbon transformation, fulfilling corporate social responsibilities, and joining hands with global stakeholders to promote the sustainable development of the Company, creating greater values for the shareholders and society,"saidMa Yongsheng, President of Sinopec.

For more information about Sinopec, please visithttp://www.sinopec.com/listco/en/.

SOURCE SINOPEC