Sinopec Reports 38.988 Billion Yuan Net Profit Attributable to Parent in First Three Quarters, Up 30% YoY
nashnova research
Sinopec (00386.HK) reported RMB 38.99 billion in net profit for the first nine months, up 30% year-on-year; Q3 alone surged 63.6%, signaling an acceleration in earnings recovery that makes Q4 the key test for the full-year story.
How much did Sinopec earn — and how fast is profit growing?
Revenue for the first three quarters reached roughly RMB 2.206 trillion, up 4.4% year-on-year — steady top-line growth, no dramatic swing.
Net profit attributable to shareholders hit RMB 38.99 billion, up 30%; basic EPS came in at RMB 0.323.
This means → revenue rose only about four points, but profit jumped by a third. Margin efficiency is improving sharply — Sinopec is earning more per barrel, not just selling more barrels.
Why did Q3 suddenly accelerate?
Under IFRS, profit attributable to shareholders for the first nine months was RMB 40.17 billion, up 25.3%.
Q3 alone contributed RMB 13.60 billion, up 63.6% — far above the cumulative nine-month growth rate.
In plain terms = the first half was already recovering, but Q3 pushed the pace well above sixty percent. Earnings improvement is accelerating into the second half.
What is driving the profit surge?
Wider refining spreads: the gap between refined-product prices and crude costs widened, boosting per-tonne margins.
Deliberate shift to higher-value products: Sinopec tilted output toward jet fuel and refining by-products that carry fatter margins.
Crude-price rally lifting inventory gains: rising oil prices re-valued crude bought earlier at lower cost.
This reflects a triple tailwind — spread + product mix + oil price — rather than any single driver.
What should the market watch next?
Whether Q3's 63.6% single-quarter profit surge can carry into Q4 is the key checkpoint for the full-year earnings story.
In plain terms = Q3 proved the momentum is real. The open question now: is this a one-off peak, or the start of a new run rate?
If spreads and oil prices hold, full-year net profit should finish well above last year's level.
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