India, March 23 -- China Petroleum & Chemical Corporation or Sinopec Corp. reported that its IFRS net income attributable to shareholders of the company for fiscal year 2024 declined to RMB 48.939 billion from last year's RMB 58.310 billion. On a per share basis, IFRS net income was RMB 0.404 down from RMB 0.487 in the prior year.
"In 2024, international crude oil price fluctuated with downward trends, domestic new energy substitution in traffic industry accelerated, new production capacity in the chemical market continued to release, and the gross profit of chemicals narrowed significantly," the company said.
Annual revenues declined to RMB 3.075 trillion from RMB 3.212 trillion in the prior year.
The Board approved the proposal to dist...