Turning losses into profits: Sinopec Corporation (00386) reported a net profit attributable to the parent company of 17.929 billion yuan in the first quarter

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According to the Zhitong Finance APP, Sinopec Corporation (00386) reported that for the three months ending March 31, 2021, the company’s operating revenue amounted to 577 billion yuan, a 4.1% increase on a year-on-year basis. The net profit attributable to the shareholders of the parent company was 17.929 billion yuan, marking a shift from losses to profits on a year-on-year basis. Basic earnings per share is 0.148 yuan. The announcement states that in the first quarter of 2021, the effects of global efforts to control the pandemic began to show, and China’s economy continued to experience recovery-oriented growth, with its GDP increasing by 18.3% on a year-on-year basis. In the first quarter, the average spot price of Brent crude oil on the Platts index was $60.9 per barrel, representing a 21.2% increase year-on-year. Demand for refined petroleum products in the domestic market recovered steadily, while demand for natural gas and chemical products continued to grow at a rapid pace. In addition, the company adheres to the new development philosophy and promotes the implementation of world-leading development strategies. It accelerates the establishment of an industrial framework characterized by \"one foundation, two wings, and three innovations\" – with energy resources as the foundation, clean petroleum products and modern chemicals as the two key components, and new energy, new materials, and the new economy as important drivers of growth. By actively responding to market changes, optimizing production and operation arrangements, and striving to enhance efficiency across the entire industrial chain, the company has achieved high-quality development and solid business results. Source: Zhitong Finance