China Petroleum & Chemical Full Year 2024 Earnings: Misses Expectations

China Petroleum & Chemical (HKG:386) Full Year 2024 Results

Key Financial Results

• Revenue: CN¥3.07t (down 4.3% from FY 2023).
• Net income: CN¥48.9b (down 16% from FY 2023).
• Profit margin: 1.6% (down from 1.8% in FY 2023). The decrease in margin was driven by lower revenue.
• EPS: CN¥0.40 (down from CN¥0.49 in FY 2023).

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386 Production and Reserves

Oil reserves

• Proven reserves: 2097 MMbbls.

Gas reserves

• Proven reserves: 9871 Bcf.

Combined production

• Oil equivalent production: 515.35 MMboe (504.09 MMboe in FY 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

China Petroleum & Chemical Revenues and Earnings Miss Expectations

Revenue missed analyst estimates by 5.1%. Earnings per share (EPS) also missed analyst estimates by 16%.

The primary driver behind last 12 months revenue was the Marketing and Distribution segment contributing a total revenue of CN¥1.71t (56% of total revenue). Notably, cost of sales worth CN¥2.45t amounted to 80% of total revenue thereby underscoring the impact on earnings.Explore how 386's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Oil and Gas industry in Hong Kong.

Performance of the Hong Kong Oil and Gas industry.

The company's shares are down 2.8% from a week ago.

Risk Analysis

We should say that we've discovered 1 warning sign for China Petroleum & Chemical that you should be aware of before investing here.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.