China Petroleum and Chemical Corporation (Sinopec) announced its annual results for the twelve months ended 31 December 2018.
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In accordance with IFRS, China Petroleum and Chemical Corporation's turnover and other operating revenues reached RMB 2.89 trillion.
Profit attributable to equity shareholders of the Company was RMB 61.6 billion, up 20.2% year-on-year.
Basic earnings per share were RMB 0.509. In accordance with ASBE, China Petroleum and Chemical Corporation's operating profit was RMB 101.5 billion, up 16.7% year-on-year.
Profit attributable to shareholders of the Company was RMB 63.1 billion, up 23.4% year-on-year. Basic earnings per share were RMB 0.521.
In accordance with IFRS, China Petroleum and Chemical Corporation's liability-to-asset ratio as at the end of 2018 was 46.21%, which represented a slight decrease of 0.33 percentage points compared with the end of the previous year.
China Petroleum and Chemical Corporation maintained a sound financial position.
Cash and cash equivalents amounted to RMB 111.9 billion as at 31 December 2018, maintaining at a healthy level.
In upstream, Sinopec made great efforts to enhance oil and gas exploration and production and achieved domestic crude oil reserves replacement ratio of 132%.
Meanwhile, we pushed ahead with the construction of natural gas production, supply, storage and marketing system, rapidly increasing natural gas production and sales volume.
Operating profit of the refining segment totaled RMB 54.8 billion; Operating profit of the chemicals segment was RMB 27.0 billion; Operating profit of the marketing and distribution segment was RMB 23.5 billion.
Taking into account the Sinopec's profitability, shareholder returns and the future development, the Board of Directors proposed a final dividend of RMB 0.26 per share.
Combined with the interim dividend of RMB 0.16 per share, the total dividend for the year is RMB 0.42 per share.
Dividend payout ratio and dividend yield reached 82.5% and 7.4%, respectively. ■