China's Sinopec sees 16% drop in profit as demand for oil wanes
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 23 2025
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Should l Buy ?
Source: SeekingAlpha
Sinopec's Profit Decline: Sinopec, China's largest oil refiner, reported a 16% drop in annual profit for 2024, with net income falling to 49 billion yuan due to weakening domestic oil demand and structural changes in the energy market.
Impact of Market Trends: The company's refining division experienced a significant operating profit decline of 67%, while losses in its chemicals business widened, reflecting broader trends such as reduced fuel output and increased reliance on electric vehicles amid government strategies to stabilize oil production.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
