Shanghai Petrochemical Announces 2019 Annual Results

HONG KONG, March 26, 2020 /PRNewswire/ -- Sinopec Shanghai Petrochemical Company Limited ("Shanghai Petrochemical" or the "Company", together with its subsidiaries known as the "Group") (HKEX: 00338; SSE: 600688; NYSE: SHI) today announced the annual results for the twelve months ended 31 December 2019 (the "Period").Under the influences of frequent security accidents, industrial zone closures and enterprises' suspension and rectification, China's petrochemical industry faced greater pressure on economic operation. The performance of enterprises declined significantly as the market continued to be weak. The Group actively responded to the complex and severe domestic and international economic and industry situations, and attached great importance to safety and environmental protection, operation optimization, cost reduction, transformation and development, further reform in difficult areas, and team building. All work processed in an orderly manner. Under IFRS, net sales of the Group in 2019 amounted to RMB88,056Amillion, a decrease of 7.90% from the previous year's RMB95,614Amillion. Net profit attributable to owners of the Company amounted to RMB 2,216 million, a decrease of 58.47% from the previous year's RMB5,336 million. Basic earnings per share amounted to RMB0.205, and the Board proposed to distribute a dividend of RMB0.12 per share (including tax).Price of the products fell under weak oil and petrochemical marketsUnder the severe and complicated domestic and international economic situations, oil and petrochemical industries faced great pressure.A Price of petrochemical products fell under the sluggish market. As the demand for refined oil products slowed down and supplies increased, product competition became increasingly fierce. As of 31 December 2019, the weighted average prices (excluding tax) of synthetic fibers, resins and plastics, intermediate petrochemical products and petroleum products of the Group decreased by 13.24%, 11.48%, 17.48% and 4.28% year-on-year respectively.In 2019, the Group processed 15,199,400 tons of crude oil (including 1,064,600 tons of crude oil processing on given materials), up by 5.71% or 820,400 tons year-on-year. The average unit cost of crude oil processed by the Group (proprietary part) was RMB3,330.63/ton, down by 1.53%. The total cost of the Group's crude oil processing was RMB47,077 million, an increase of 1.97% over the previous year's RMB46,168 million, accounting for 54.54% of the total cost of sales.
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