Shanghai Petrochemical Announces 2010 Annual Results

Sinopec Shanghai Petrochemical Company Limited SHI announced today the audited operating results of the Company and its subsidiaries prepared under International Financial Reporting Standards for the year ended December 31, 2010. According to IFRS, turnover of the Group for the Year amounted to RMB77,520.7 million, representing an increase of 50.07% over the previous year. Profit attributable to equity shareholders of the Company amounted to RMB2,772.0 million, an increase of 74.21% over the corresponding period of the previous year. Basic earnings per share was RMB0.385 (2009: RMB0.221). The board of directors recommended payment of a dividend of RMB1.00 per 10 shares (including tax) for the Year (2009: RMB0.30 per 10 shares (including tax)). In 2010, the Group's net sales amounted to RMB72,095.9 million, representing an increase of 52.28% over the corresponding period of the previous year, of which net sales derived from synthetic fibres, resins and plastics, intermediate petrochemical products and petroleum products increased by 38.35%, 21.50%, 104.33% and 51.89%, respectively. In 2010, the Group's total volume of goods exceeded 10,000 kt for the first time to reach 11,481.1 kt, an increase of 29.24% over the corresponding period of the previous year. During the Year, the Group processed 10,520.7 kt of crude oil (including 408.9 kt of crude oil processed on a sub-contracting basis), up 20.13%. Total production output of gasoline, diesel and jet fuel increased by 25.34%. Specifically, output of gasoline was 932.4 kt, output of diesel was 3,675.9 kt and output of jet fuel was 765.7 kt, up 15.68%, 31.16% and 12.77% respectively. The Group produced 972.9 kt of ethylene and 523.2 kt of propylene, up 4.87% and 7.30 % respectively. The Group also produced 1,133.7 kt of synthetic resins and copolymers, up 4.03%; 950.1 kt of synthetic fibre monomers, 643.2 kt of synthetic fibre polymers and 253.6 kt of synthetic fibre, up 86.77%, 7.25% and 5.10% respectively. Meanwhile, the quality of the Group's products was consistently maintained at a premium level. The Group's output-to-sales ratio and receivables recovery ratio were 99.97% and 100.12%, respectively.