Sinopec eyes biggest-ever capex after 2021 profit more than doubled

May 04, 2022

Sinopec (NYSE:SNP) is planning the highest capital spending in its history this year after its 2021 net profit more than doubled to its best level in nearly a decade on higher prices and demand for petroleum products.

The Chinese oil producer reported FY 2021 net profit surged to nearly 72B yuan ($11.3B) from 33.4B yuan in 2020, with total revenue rising to 2.74T yuan from 2.1T on a sharp increase in the price and sales volume of refining products.

Sinopec expects to spend 198B yuan ($31.1B) in 2022, up 18percent; from 167.9B yuan in 2021 and topping its previous record of 181.7B set in 2013, including 81.5B in upstream exploitation, especially the crude oil bases in the Shunbei and Tahe fields, and natural gas fields in Sichuan province and the Inner Mongolia region.

The group guides for production of 281.2M barrels of crude oil and 12.57T cf of natural gas in 2022, up slightly from output of 279.7M barrels of oil and 11.99T cf of gas in 2021.

Reuters reported in recent days that Sinopec suspended talks for a major petrochemical investment and a gas marketing venture in Russia, as the Chinese government is said to be wary of potential sanctions over the invasion of Ukraine.

Over the current book year the total revenue from the company in Null will be 596.19 million GBp (consensus estimates). This is slightly lower than 2021's revenue of 636.52 million GBp.

Historical revenues and results Sinopec Kantons Holdings plus estimates 2021

The analysts expect for 2022 a net profit of 1.18 billion GBp. According to most of the analysts the company will have a profit per share for this book year of 47 cent. Based on this the price/earnings-ratio is 5.66.

Analysts don't expect the company to pay a dividend. The average dividend yield of the oil & gas producers is a good 2.91 percent.

Sinopec Kantons Holdings's market capitalization is based on the number of outstanding shares around 6.61 billion GBp. -5

At 10.08 the stock trades 0 percent lower at 2.66 GBp.

Historical stock prices Sinopec Kantons Holdings

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