Sinopec Engineering Group Co. Ltd. on Sunday reported CNY 31.56 billion ($4.39 billion) in revenue for the first half of 2025, up 10.1 percent from the first six months of 2024.
The increase was “mainly due to the fact that large-scale projects such as Aramco Huajin, SABIC Mangguo Ethylene, Jihua Transformation and Upgrading and Saudi Riyas entered construction or settlement peak”, said the report on Sinopec Engineering’s website.
The petrochemical sector accounted for 63 percent of the total revenue of the energy and chemical engineering multinational, majority-owned by the state’s China Petrochemical Corp., for January-June 2025. The sector logged a 0.3 percent year-on-year increase in revenue.
Oil refining contributed 18.1 percent of total revenue. Oil refining revenue surged 85.9 percent.
The new coal chemicals sector accounted for 4.1 percent of total revenue. Contribution from the sector grew 389.1 percent. The main contributing projects included Lianhong New Materials, China Coal Shaanxi Energy Coal Deep Processing and Inner Mongolia Rongxin Chemical Olefin.
Storage, transport and others accounted for 14.8 percent of total revenue, their contribution falling 15.1 percent.
By segment, engineering, procurement and construction (EPC) contracts accounted for 55.7 percent of total revenue. EPC contracts revenue increased 24.5 percent.
Construction accounted for 37.6 percent of total revenue, its contribution sliding 1.6 percent.
Engineering, consulting and licensing accounted for 5.6 percent of total revenue. Segment contribution increased 24.5 percent “due to the increase in business volume”, Sinopec Engineering said.
Equipment manufacturing accounted for 1.1 percent of total revenue, its contribution inching up 1.3 percent.
By region, China accounted for 76.5 percent of total revenue. Domestic revenue dropped 2.6 percent. Overseas activities accounted for 23.5 percent of total revenue. Overseas revenue increased 92 percent.
Backlog at the end of 1H 2025 was CNY 212.28 billion, up 22.9 percent year-over-year. The bulk was from EPC contracting (CNY163.88 billion) by segment and petrochemicals (CNY101.93 billion) by sector. China accounted for CNY 124.42 billion of backlog.
Net profit totaled CNY 1.39 billion, up 4.8 percent thanks to “synergistic gains across engineering, technology and capital”, the company said. Basic earnings per share landed at CNY 0.32.
Sinopec Engineering, headquartered in Beijing but listed in Hong Kong, declared an interim dividend of CNY 0.16 per share, payable by October 27 to shareholders as of the close of business on September 9.
Gross profit and operating profit increased 3.6 percent and 23.8 percent to CNY 2.6 billion and CNY 1.16 billion respectively. Profit before taxation increased 5.9 percent to CNY 1.61 billion.
“Gross profit margin decreased from 8.8 percent for the same period last year to 8.2 percent, which was mainly due to the settlement difficulties of some construction projects and intensified market competition of certain business operations”, Sinopec Engineering said.
Net cash flow from operating activities was CNY 3.3 billion for 1H 2025, compared to negative CNY 4.16 billion for 1H 2024.
“In 2025, the transformation and upgrading of China’s domestic energy and chemical industry have accelerated, and the extension and deepening of the industrial chain have been deepened”, Sinopec Engineering said. “Oil-to-chemical products, oil-to-specialty products and high-end transformation have become key development trends, providing strong support for the fundamentals of the Group’s domestic market.
“At the same time, new development paths such as CCUS (carbon capture, utilization and storage), zero-carbon energy substitution, renewal of old equipment and innovation in green and low-carbon technologies continued to inject new momentum into the Group’s development.
“Globally, the Gulf region of the Middle East remains the largest market for oil, gas and refining and chemical capacity expansion.
“Central Asia has strong complementarity with China in terms of production capacity, capital, and engineering technologies, leading to more active investment in petrochemicals and natural gas chemicals.
“The rapid economic growth in Southeast Asia has driven the expansion of demand for refined oil, natural gas and chemical products; and economic development and industrialization needs in Africa and Latin America offer significant market potential”.
Sinopec Engineering ended 1H 2025 with CNY 80.7 billion in current assets and CNY 54.4 billion in current liabilities.
To contact the author, email jov.onsat@rigzone.com
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