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China's Sinopec Shanghai Petrochemical first half profit slides
Aug 20 (Reuters) - China's Sinopec Shanghai Petrochemical Co ( opens new tab swung to a net loss in the first half of 2025 as weaker demand hit sales of refining and chemical products, the company reported late Wednesday.
Sinopec reported a net loss of 462.1 million yuan ($64.40 million) for the period from January to June, according to the report. That compares with 27.9 million yuan profit the prior year.
Net sales were 33.498 billion yuan, down 10.66% year-on-year, with net sales of refining products and chemicals falling 16.14% and 3.21%, respectively.
The company said the market remains challenging, with strong supply and weak demand, rising penetration of new-energy vehicles squeezing fuel demand, and the chemical sector still at a cyclical low.
Weaker market demand drove a 6.72% decline in refining product sales volumes. With crude prices falling, weighted average selling prices across all segments also declined from a year earlier, the company said.
Refinery throughput was 6.33 million metric tons in the six-month period, down 4.93% year-on-year.
Diesel production fell 13.56% and aviation fuel declined 8.62% year-on-year, while gasoline slightly rose 0.14%.
Output of ethylene, a key building block for petrochemicals, rose 24.34% to 273,300 tons in the first half.
Capital expenditure was 408 million yuan in the first half of 2025, mainly allocated to construction work for the Shanghai Petrochemical cogeneration unit clean-efficiency upgrade.
Sinopec Shanghai Petrochemical's Shanghai-listed shares closed at 2.90 yuan on Wednesday, up 1.75% on the day. The stock is down 4.3% year-to-date, while the SSE Composite Index has risen 12.37% over the same period.
($1 = 7.1757 Chinese yuan renminbi)
