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Sinopec to hike dividend 60% as H1 profit soars by more than 50%

China Petroleum & Chemical Corp., known as Sinopec, will raise its dividend 60%, as its profit for the first half of this year surged more than 50% due to a strong performances from its upstream and refining units.

The world's largest refiner by capacity said Aug. 27 it will hike its dividend by 0.16 Chinese yuan per share.

According to China Accounting Standards for Business Enterprises, for the first six months of the year, the company reported net profit attributable to shareholders was 41.6 billion yuan, rising more than 53% from the same period in 2017.

Total revenue in the first six months of the year was up to 1.3 trillion yuan, increasing almost 12% from the same period in 2017, due in part to higher crude oil prices and strong production.

In the first half, Sinopec's total capital expenditures were 23.69 billion yuan.

During the second half of the year, Sinopec plans to process 121 million tonnes of crude oil, little changed from the level processed in the first half. The company's domestic product sales for the second half are pegged at 90.5 million tonnes, up from 88.45 million tonnes in the first half.

The company's shares on the Stock Exchange of Hong Kong closed the Aug. 27 session 5.1% higher at HK$7.90.

In accordance with the International Financial Reporting Standards, or IFRS, the company’s operating profit was 61.6 billion yuan in the first half, an increase of 56.6% year on year. Profit attributable to owners of the company was 42.4 billion yuan, up 51.8% year on year. Basic earnings per share were 0.35 yuan.

As of Aug. 24, US$1 was equivalent to 6.81 Chinese yuan.