Sinopec Engineering posts record dividend, net profit up 5.5pc in 2024

Sinopec Engineering (2386) posted a net profit of 2.47 billion yuan (HK$2.65 billioin) for 2024, up 5.52 percent year-on-year, and declared a final dividend of 0.208 yuan per share, bringing the total annual payout to a record 0.358 yuan per share since its listing.

Revenue was 64.2 billion yuan last year, a 13.92 percent year-on-year increase.

The company has set the targets for 2025 with respect to new contract amount of 63 billion yuan in domestic market and US$5 billion (HK$39 billion) in overseas market.

Sinopec Engineering announced on Sunday that its shareholder, China National Petroleum Corporation, plans to convert its 219.98 million domestic shares unlisted into H-shares.

The move requires shareholder approval via a special resolution at a general meeting.

The total number of issued shares of the company is 4.4 billion, including 3 billioin domestic shares and 1.43 billion H shares.

All of the 219.98 million domestic shares held by CNPC represent approximately 5 precent of the total issued shares and about 7.41 percent of the domestic shares.

STAFF REPORTER