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【2386】China's Sinopec Refining and Chemicals First Special Dividend Due to Over 100 Billion Yuan in New Contracts Signed in Two Years; Temporary Suspension of Two Middle East Projects Will Not Materially Impact Performance
Sinopec Refining & Chemical Engineering (02386)
Last year, the company paid a special dividend of HKD 0.094 per share for the first time. Chairman Jiang Dejun stated that this is the first time in 13 years of listing that a special dividend has been distributed, considering the company’s consecutive two-year contract signing amounts exceeding 100 billion yuan, with front-end and EPC (Engineering, Procurement, Construction) orders accounting for over 80%. The dividend is a way to reward investors and support the company’s growth.
Sinopec Refining & Chemical aims to sign 55 billion yuan of new contracts domestically and 5 billion USD internationally in 2026. The company also expects to achieve over 100 billion yuan in main business revenue by 2035, with overseas revenue maintaining a stable ratio of over one-third.
Middle East Business Accounts for About 40% of Overseas Operations
Recently, the geopolitical situation in the Middle East has deteriorated. General Manager Zhang Xinming of Sinopec Refining & Chemical stated that the Middle East is one of the company’s main markets, accounting for about 40% of overseas business, involving contracts worth approximately USD 6.5 billion. Currently, the company has 10 projects in Saudi Arabia and the UAE. After the escalation of conflicts, some areas have experienced drone attacks, causing certain damage to factory facilities, with two projects temporarily suspended.
Chief Financial Officer and Board Secretary Yin Fengbing assessed that the impacted projects constitute a small proportion and are not expected to significantly affect the company’s performance in the first half of the year. However, the ultimate impact will depend on the evolution and duration of the conflict.
Jiang Dejun described the Middle East situation as “an opportunity in crisis,” noting that after the conflict, many refineries and chemical plants in the region will need rebuilding. Several international oil companies have proactively approached Sinopec Refining & Chemical to discuss repair plans.