On July 17, the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) announced and commended the 2019 business performance assessment results at the meeting of persons-in-charge at central enterprises. Sinochem Group met all the assessment indicators in 2019 and was thus rated Grade-A for the 15th time.
In 2019, by conscientiously implementing the major policy decision of the CPC Central Committee and the State Council on the reform of state-owned enterprises and assets, following the new concepts of development and pbserving the requirements on high-quality development and supply-side structural reform, Sinochem Group worked hard in improving quality and efficiency in loss governance, structure optimization, cost & fee cuts, etc. and yielded significant results through multiple measures. With business performance hitting a new high, Sinochem Group maintained overall stable operating revenue of RMB 555.3 billion; realized a significantly growing profit totaling RMB 18.4 billion, up 15% YoY and a net profit of RMB 13.3 billion, up 36% YoY; achieved steady rise of return on assets and a further decline in asset-liability ratio.
Recent years saw Sinochem Group, a central enterprise that shoulders important strategic missions in the comprehensive chemical industry, carrying out reform and innovation and in-depth comprehensive benchmarking under the guidance of the model featuring “Four Elements of Corporate Value Management” in line with its value concept of “In Science We Trust and Upon Knowledge we Act” , and centers on the strategic goal of building into a world-class comprehensive chemical manufacturer to promote its strategic transformation and development to a new level.