Sinopec Oilfield Service Corporation’s Net Profit Dropped 58.8% in First Quarter of 2022

Sinopec Oilfield Service Corporation (中石化石油工程技术服务股份有限公司) (600871.SH) reported a net profit of 68.3 million yuan in the first quarter of 2022, down 58.8% year-on-year.

Meanwhile, the company posted 15.3 billion yuan in revenue, up 5.1% year-on-year.

At the end of the reporting period, it had 64.6 billion yuan in total assets and 57.5 billion yuan in total liabilities, with a liability-to-asset ratio of 89%.