Sinopec earn nearly 200 million one day Last year

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China's largest refiner sinopec (7.45, 0.02, 0.27%) disclosed yesterday 2011 earnings, according to the Chinese accounting standards, the company net profit of 71.697 billion yuan last year, only a 1.4% increase over 2010. According to the calculation sinopec, last year earned nearly $200 million (196 million yuan), but this is since 2008 sinopec growth performance in one of the worst.

 

The total assets of 1.13 trillion

 

Earnings data showed that in 2011, 166.85 million tons of crude oil manufactured outsourcing, which accounts for 73% of all the oil manufactured. And international oil prices for the same period last year the average of $111.27 a barrel, a year-on-year increase of 40% a year. Oil refining business losses last year reached 37.6 billion yuan.

Results showed that the net assets of China petrochemical margins by 2010 years of 17.43% to 15.93%, well below the average net assets last year in domestic Banks profit margin of 20% level, more and agricultural bank (2.65, 0.01, 0.38%), make differ 100 million yuan.

 

Announcement to say, by December 31, 2011, total assets 1.13 trillion yuan, total debt is 620.528 billion yuan.

 

The oil prices the more frequently, sinopec more for money?

 

Research sinopec profits curve can find almost with domestic oil refiners frequency keeps consistent, as long as oil prices adjust more frequently, sinopec earnings growth quickly.

 

First LiangJianMin securities director, said the same period as long as domestic product oil refiners much higher than its purchasing cost adjustment can make up for its refining losses, sinopec can get very objective earnings. Last year's profit growth slows, largely because of "the domestic oil price adjustment didn't in place".

He said, for now sinopec 2012 results will be quite good, at present domestic product prices has raised two, two accumulative total raised nearly $900 per ton, with 100 million tons of sales volume calculation, is the sinopec sales growth of 90 billion yuan.

 

The magnifying glass

 

Annual report revealed petrochemical industry access control is relaxed

 

It is worth noting that, in the annual report yesterday sinopec disclosure, the company also faces some macro policy and government regulatory risk. For example, China's government is progressively liberalize access to oil and petrochemical industry supervision, but continue to domestic oil and petrochemical industry implement some degree of access control, including: crude oil and gas drilling issued licenses; And these may be said to this company production, operation and benefits brought greater effects. At present and in the oil (10.05, 0.01, 0.10%), cnooc several big oil enterprise is almost a monopoly of domestic oil and gas production and processing business.

"Two" period, about to carry out the "new 36" rules, let the private enterprise to enter the petrochemical monopoly industry trigger social widespread concern.