China Petroleum & Chemical Corp., also known as Sinopec, said its net profit declined in 2022 on lower demand for natural gas and oil products due to the pandemic.
Sinopec’s net profit fell by 6.9% to 66.30 billion yuan ($9.65 billion), it said in a statement on Sunday.
The state-owned oil-and-gas major’s revenue rose to CNY3.318 trillion in 2022, compared with CNY2.741 trillion a year earlier.