China Petroleum & Chemical Corporation (Sinopec) announced its annual results for the twelve months ended December 31, 2015.
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In accordance with the International Financial Reporting Standards (IFRS), the company’s net profit was RMB 43.7 billion, decreased by 8.9% year-on-year.
In accordance with China Accounting Standards for Business Enterprises (ASBE), Sinopec’s net profit was RMB 43.3 billion, decreased by 11.4% year-on-year. The net profits reflect integrated advantages amid sluggish oil price.
The operating profits for the refinery segment and the chemical segment significantly increased to RMB 21 billion and RMB 19.7 billion, respectively. Both segments became the main drivers of the company’s profit and offset the less favorable upstream results.
In accordance with IFRS, the company’s total turnover and other operating revenue was RMB 2,018.9 billion, down by 28.6% year-on-year. The company’s operating profit was RMB 57 billion, representing a decline of 22.4% from last year.
Profit attributable to shareholders of the company was RMB 32.4 billion, 30.2% lower than last year. Basic earnings per share was RMB 0.268.
In accordance with ASBE, the Company’s net profit was RMB 43.3billion, down by 11.4% year-on-year. The Company’s operating profit was RMB 52.1 billion, a 20.4% decrease as compared with 2014. Profit attributable to shareholders of the company was RMB 32.2 billion, 32.1% lower than last year. Basic earnings per share was RMB 0.266.
In accordance with IFRS, the company’s liability-to-asset ratio was 45.66%, representing a decrease of 9.89 percentage points compared with the end of last year, lowest level since its debut on the capital market and liabilities structure further optimized.
As of December 31, 2015, Sinopec’s cash and cash equivalents were RMB67.8 billion. The company’s cash flow was significant improved.
The board proposed a final dividend of RMB 0.06 per share. Combined with the interim dividend of RMB 0.09 per share, the total annual cash dividend for 2015 is RMB 0.15 per share. Dividend payout ratio reached 56%. Total cash dividend paid for the full year was RMB 18.2 billion. ■