Sinopec Expects 2021 Net Profit More Than Doubled to Up to $11.5 Billion

What’s new: China Petroleum & Chemical Corp. (600028.SH), better known as Sinopec, reported its 2021 profit surged between 103% and 122% to as much as 72.9 billion yuan ($11.5 billion) as oil prices rose and the economy improved, the company said late Thursday.

“We've achieved the highest net profit contributed to the parent company in the past 10 years,” the state-owned oil giant said in an exchange filing (link in Chinese), citing rising crude oil prices and growing demand for oil products, amid an improving domestic economy.