Sinopec Reports Slump in Full-Year Profit as Headwinds Mount

Bloomberg · last updated March 23, 2025 – 6:57 AM

Sinopec’s full-year profit tumbled 16% amid sluggish demand, with China’s oil consumption likely nearing a peak.

The country’s biggest refiner’s net income fell to 49 billion yuan ($6.8 billion) in 2024 from 58.3 billion yuan a year earlier, the company said in a filing on Sunday, citing international financial reporting standards. That compared with analysts’ estimate for profit of 56.4 billion yuan.

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