Sinopec Reports 57% Increase in Third-Quarter Net Profit

Sinopec reported third-quarter 2026 net profit of 13.36 billion yuan (about $2 billion), up 57% year over year, while revenue increased 9.3% to 769.74 billion yuan. The company attributed the gains to improved refining and chemical margins, an optimized product mix, and higher output of value-added products including jet fuel and naphtha. It said higher oil prices supported margins, but domestic refined-oil consumption fell 8.6% in the first three quarters amid high prices and a shift toward new energy alternatives.