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Sinopec's 22.2% jump in revenues lifts profits YOY in 2017

China Petroleum & Chemical Corp., or Sinopec, posted net profit attributable to owners of 51.12 billion Chinese yuan in 2017, up from 46.42 billion yuan in 2016.

Diluted earnings in 2017 reached 0.422 yuan per share, higher than 0.383 yuan per share in the previous year.

The company's turnover and other operating revenues climbed 22.2% to 2.360 trillion yuan in 2017 from 1.931 trillion yuan in 2016. Operating profit rose to 86.97 billion yuan in 2017 from 77.39 billion yuan of the year-ago period.

For 2017, Sinopec's board approved a total dividend of 0.50 yuan per share, including an interim dividend of 0.10 yuan per share.

The company anticipates 117 billion yuan worth of capital expenditures in 2018, including 48.5 billion yuan in the exploration and production segment. Sinopec plans to sell 179 million tonnes of oil products in the domestic market in 2018.

As of March 23, US$1 was equivalent to 6.31 Chinese yuan.