News // Companies
China´s PetroChina pays its $1.92 bln profit to shareholders
25 August 2017 , 16:11Neftegaz.RU303
PetroChina decided to pay shareholders its entire half-year net income amounting to almost $1.9 billion (12.7 billion yuan), the company reported on August 24, 2017.
PetroChina said that the dividend payout was aimed at improving returns for the shareholders «in overall consideration of the good fundamentals of development, financial condition and cash flow.»
The large dividend distribution was only the result of «improving business operations and cash positions», the company’s vice chairman Wang Dongjin told reporters in Hong Kong, as quoted by Nikkei.
PetroChina’s key financial data under IFRS standards showed that profit attributable to owners of the company soared to $1.9 billion (12.68 billion Chinese yuan) in the 1st half of 2017 from $80 million (531 million Chinese yuan) in the same period last year.
The H1 2017 results were boosted by the higher average oil prices compared to the 1st half of 2016, growing demand for natural gas, and optimizations of operations.
The 1st-half profit this year was PetroChina’s strongest 1st-half profit since 2015.
The figure easily beat the analyst range of expectations of between $1.35 billion and $1.65 billion (9 billion -11 billion Chinese yuan).
PetroChina’s total revenues in H1 2017 jumped by 32 % on the year, while net cash flows from operating activities increased by 29.5 %.
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