Nucor earnings beat by $0.08, revenue fell short of estimates
Investing.com -- Sinopec (OTC:SHIIY), China’s largest refiner, has reported a 16% decrease in its full-year profit due to sluggish demand.
The company’s net income fell to 49 billion yuan ($6.8 billion) in 2024, down from 58.3 billion yuan the previous year, according to a filing on Sunday.
This figure falls short of analysts’ expectations, which had predicted a profit of 56.4 billion yuan.
Sinopec’s refining business also experienced a significant decline, with its operating profit plunging 67% to 6.71 billion yuan.
The dwindling profits come as China’s oil consumption appears to be reaching its peak.
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