Due To Covid Limitations, Sinopec’s 2022 Net Profit Declines By 6.9%

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Sinopec Corp., commonly known as China Petroleum & Chemical Corp. (600028.SS), reported a 6.9% fall in net income for 2022 as a result of Beijing’s COVID-19 control measures and a decline in petrochemical consumption, as reported by Reuters.

Sales tumbled 

According to Chinese accounting norms, net profit last year was 66.3 billion yuan ($9.65 billion), down from 71.21 billion yuan in 2021, the largest Asian oil refiner reported in a stock exchange filing on Sunday.



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