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China's Sinopec nine-month profit jumps, revenue rises 4.4%

By Reuters News


Overview

  • China oil and chemical firm's nine-month revenue rose 4.4% yr/yr to RMB 2.21 trln

  • Net income attributable to shareholders for nine months rose 30% yr/yr

  • Net cash flow from operating activities increased 41.1% yr/yr


Outlook

  • Company did not provide specific guidance or outlook commentary for future quarters or full yr in the press release


Result Drivers

  • HIGHER OPERATING INCOME - Operating income for the nine-month period rose 4.4% yr/yr

  • STRONG PROFIT GROWTH - Net profit attributable to shareholders increased 30% yr/yr

  • INCREASED CASH FLOW - Net cash flow from operating activities rose 41.1% yr/yr


Company press release: Full Story


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

9M Revenue

RMB 2.21 trln

9M Net Income Attributable

RMB 38.99 bln


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 3 "hold" and 2 "sell" or "strong sell"

  • The average consensus recommendation for the oil & gas refining and marketing peer group is "buy"

  • Wall Street's median 12-month price target for China Petroleum and Chemical Corporation is CNY6.15, about 9.4% above its October 29 closing price of CNY5.62

  • The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 11 three months ago


Reuters Recommended Reads

  • Oct 28 - PetroChina's Q3 net profit up 21.6% on year

  • Oct 29 - Shell Q3 adjusted earnings beat on higher refining margins

  • Oct 29 - France's TotalEnergies Q3 adjusted net income rises on refining, LNG boost


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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