SINOPEC CORP 1Q Net Profit RMB17.739 billion, Up 26.9% YoY
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SINOPEC CORPreported a net profit of RMB17.739 billion for Q1, a 26.9% increase year-on-year. Revenue was RMB706.695 billion, down 3.9% YoY. The total profit reached RMB24.206 billion, up 32.6% YoY, driven by inventory gains from rising crude oil prices. Oil and gas production was 131 million barrels of oil equivalent, with crude oil production at 69.8 million barrels. The refining segment recorded EBIT of RMB18.936 billion, with a total of 38.06 million tonnes of refined oil products produced, up 2.3%.
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