Sinopec, one of the leading petroleum and chemical corporations, has recently released its 2023 Annual Report, showcasing impressive financial results and operational achievements. The company recorded a revenue of $444.81 billion, demonstrating a remarkable year-on-year growth of 14.5 percent. Sinopec’s operating income according to International Financial Reporting Standards (IFRS) reached 3.21 trillion yuan, with an operating profit of 86.828 billion yuan.
Moreover, Sinopec’s net profit attributable to shareholders under the Chinese Accounting Standards for Business Enterprises (ASBE) stood at 60.463 billion yuan, while the operating cash flow for the year increased by 38.9 percent, reaching 161.475 billion yuan. The company also achieved record levels in oil and gas equivalent production, natural gas production, crude oil processing volume, and distribution volume of domestic refined petroleum products.
Sinopec’s success can be attributed to its integrated strategy that focuses on operations optimization, network advantages, and ongoing investment in technology research and development. The company is leading the way in exploration, with significant progress in various projects such as the Shunbei New Zone and the Ordos Basin. Additionally, Sinopec has demonstrated a strong commitment to innovation by increasing research and development investment, resulting in numerous patent applications and authorizations in 2023.
Looking ahead, Sinopec remains dedicated to creating value, promoting transformation, and achieving sustainable development. By leveraging its strengths in the complete industrial chain, market presence, brand recognition, technological expertise, and talent pool, Sinopec aims to cultivate new quality productive forces and expand profitability.
Overall, Sinopec’s 2023 Annual Report reflects the company’s resilience, innovation, and strategic vision for the future. With a strong focus on growth and sustainability, Sinopec is poised to continue its success in the global petroleum and chemical industry.
For more information about Sinopec’s 2023 Annual Report and achievements, visit the company’s official website or follow their social media channels for updates.
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