BEIJING, March 31, 2022 /PRNewswire/ -- China Petroleum
& Chemical Corporation (HKG: 0386, "Sinopec" or "the Company")
hosted its 2021 annual performance conference on
March 28 in Beijing via webinar. Per International
Financial Reporting Standards, Sinopec's 2021 turnover and other
operating income was CNY2.74 trillion
(USD431.50billion), with profit
attributable to shareholders of the company reaching CNY71.975 billion (USD11.33 billion), a 115.2 percent growth
year-on-year. This has been Sinopec's best operating performance
in the past decade.
A dividend of CNY0.47 per share
was distributed throughout the year, with a dividend payout ratio
of 80 percent. Based on the weighted average share price
in 2021, the dividend yield of A shares and H shares reached 10.8
percent and 14.3 percent, respectively.
In light of the COVID-19 pandemic and a complex
macroenvironment, Sinopec focused on advancing high-quality
production and operations, transformative development,
technological innovation, management reform, risk prevention and
control among other aspects in 2021 to achieve a solid start in
line with China's "14th Five-Year
Plan." Overall, Sinopec's various business sectors have been
growing positively, with remarkable achievements in:
- Increasing upstream oil and gas reserves;
- Expanding refining scale and competitive advantages;
- Continuous increase of the sales and operation scale of refined
oil;
- Giving full play to leading with innovative and technological
support.
In the meantime, Sinopec also focused on environmental, social
and corporate governance (ESG) development with the board of
directors coming from more diverse backgrounds and the Company
is actively responding to climate change challenges, vigorously
saving energy and reducing pollution and carbon emissions, as
well as supporting the 2022 Beijing Winter Olympics and
Paralympics.
Mr. Ma Yongsheng, president of Sinopec noted, Sinopec will give
full play to its advantages in the integration of marketing, brand,
technology and talent to unswervingly move towards the goal of
becoming a world-leading clean energy and chemical company,
creating greater value for shareholders and society.
"Looking to the future, Sinopec will actively and constructively
embrace energy transformation and the transformation of the
industry as a whole, extensively implementing a world-leading
development strategy and continuously optimizing the 14th Five-Year
Plan and long-term 2035 goal to achieve high-quality, sustainable
development," said Ma.
Sinopec has laid out five key focuses in implementing its new
development strategy and strives to:
- Improve corporate governance: Sinopec will promote
the integration of risk control, internal control and compliance
management to strictly control risks in terms of safety,
environmental protection, operation management and more. Sinopec
will also further integrate ESG with production, operation and
development to improve corporate governance efficiency.
- Execute an innovation-driven development
strategy: Sinopec will create a cradle for original
technologies to promote the development and application of advanced
technologies for oil and gas resources, emphasize technological
breakthroughs in oil refining, high-end chemicals and new
materials, modern coal chemicals, new energy and more, and
strengthen the development of the industry's key technologies,
common technologies and cutting-edge technologies.
- Enhance energy supply capacity: Sinopec is devoting
greater efforts in the exploration and development of oil and gas,
aiming to achieve major breakthroughs and discoveries of shale oil
and gas, promote the coordinated development of natural gas
production, supply, storage and sales, maintain domestic oil and
gas reserves with steady growth in production, and actively and
steadily lay out new energy businesses such as hydrogen energy. It
will strengthen the support capability of international trade,
improve global resource allocation capacity and explore the
establishing a multi-energy complementary energy supply
system.
- Promote the upgrade of refining and chemical businesses:
Sinopec aims to optimize oil refining and expand and strengthen
chemical engineering, speeding up the progress of
"crude-to-chemicals" and "petroleum derivative products" to promote
the mid- to high-end development of the chemical business and build
a large-scale, integrated and intelligent world-class refining and
chemical engineering base.
- Build green and low-carbon competitive advantages:
Coordinating the relationship between development and emissions
reduction, Sinopec continues the optimization of its industrial and
energy use structures, improves energy efficiency to set industry
benchmarks. Sinopec has also accelerated the R&D of green,
low-carbon technologies using the Sinopec Qilu-Shengli Oilfield
CCUS project as the foundation.
For more information, please visit Sinopec.
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