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Sinopec Books Lower Profit for 2024 on Oil Price Slide

OilPrice · Charles Kennedy · last updated
China’s state oil major Sinopec reported a net profit of almost $7 billion for 2024, which represented a 16.8% decline on the year, attributed to lower oil prices and electric cars. “In 2024, international crude oil prices fluctuated downward, the domestic transportation industry accelerated the replacement of new energy … (and) gross profit margin was significantly narrowed,” SInpec said in a filing with the Hong Kong Stock Exchange. “The company made every effort to expand the market and sales … (and) continues to…
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