Few companies embody the sheer size and ambition of the Chinese state-owned enterprise like Sinopec, China’s biggest oil and gas refiner. Not only is Sinopec one of the world’s biggest oil companies by asset size, it is also the single most acquisitive Chinese state-owned company, having invested more than $35bn in overseas deals since 2009.
But for Sinopec Group’s Hong Kong-listed subsidiary, which is majority-owned by Sinopec Group, the past year has not been smooth sailing.
The Hong Kong-listed corporation reported that turnover and income were up 31 per cent in 2011 to reach Rmb2.5tn ($398bn), but net profit attributable to shareholders edged up a mere two per cent to Rmb73.2bn, according to annual results released late Sunday evening.
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