【Kinerja Saham Minyak】Sinopec Tahun Lalu Laba Menurun 33,6% Dividen Akhir Turun 20% Menjadi 0,112 Yuan Renminbi Diperkirakan Ketidakpastian Tren Harga Minyak Internasional Meningkat

China Petroleum & Chemical Corporation (00386) announced its 2025 performance. According to International Financial Reporting Standards, Sinopec’s net profit last year was 32.48 billion yuan (RMB), a decrease of 33.6% year-on-year. The proposed final dividend is 0.112 yuan per share, down 20% annually, with a total dividend for the year of 0.2 yuan, representing an approximate 30% decline compared to the previous year.

Looking ahead to 2026, Sinopec states that China’s economy will remain stable and improve gradually. It is expected that domestic demand for natural gas and chemical products will continue to grow, while demand for refined oil products will still be affected by alternative energy sources. Considering the overall changes in global supply and demand, geopolitical factors, and inventory levels, the outlook for international oil prices is increasingly uncertain.

Last year, Sinopec’s operating revenue was 2.8 trillion yuan, a decrease of 9.5% year-on-year, mainly due to falling prices of petroleum and petrochemical products and reduced sales volumes of refined oil products. The external sales revenue from refining and marketing and distribution divisions for petroleum products was 1.6 trillion yuan, down 11.7% year-on-year, primarily due to declining prices and volumes of gasoline and diesel.

During the period, revenue from exports of crude oil, natural gas, and other upstream products was 157.9 billion yuan, a decrease of 10.2% year-on-year, mainly due to falling crude oil prices and export volumes. Revenue from external sales of chemical products was 378 billion yuan, down 9.6% year-on-year, mainly due to declining product prices.

It is estimated that capital expenditure in 2026 will reach up to 1,486 billion yuan.

In terms of capital expenditure, Sinopec continued to optimize investment project management last year, with total capital expenditure of 147.2 billion yuan. This year, the company plans to allocate capital expenditure between 131.6 billion and 148.6 billion yuan.

Additionally, Sinopec announced that Zhao Dong resigned as President and authorized representative due to work adjustments and was reassigned as a non-executive director of the company, while still serving as Vice Chairman. Wan Tao was appointed as President and authorized representative. At the same time, Tian Hongbin was appointed as Senior Vice President and was recommended for election as an executive director. Besides the recommendation to elect an executive director, all these matters took effect from March 20.