Sinopec Beats Expectations with 19.3% Half-Year Profit Surge

Sinopec's half-year profit jumped by 19.3% to 25.63 billion yuan, defying expectations amidst the Iran war and falling domestic fuel demand.

The Chinese oil refiner's net profit under Chinese accounting standards surpassed last year's 21.48 billion yuan, despite having to write down its inventories by 16 billion yuan (S$3 billion).

Sinopec, the world's largest refiner, relies heavily on Middle Eastern crude oil imports through the Strait of Hormuz, which has been affected by the conflict.

The company processed 5.6% less crude oil between January and June compared to the same period last year, at 113.31 million tonnes (4.57 million barrels per day).