On June 23, State-owned Assets Supervision and Administration Commission (SASAC) of the State Council released the results for 2014 business performance assessment on the persons in charge of central SOEs. Sinochem Group achieved the annual assessment target and was evaluated as grade A. Sinochem Group is one of the nine central SOEs that have got A for 11 consecutive times since SASAC adopted the assessment system in 2004.
In face of the economic “New Normal” and new commercial trend, Sinochem Group has focused on the main business in recent years, constantly promoted strategic transition and management changes. The enterprise’s core competitiveness and status in the industry has continuously raised, so has its comprehensive capability. The performance of A for 11 consecutive times reflects Sinochem Group’s strategic transition fruits and sustainable development capability over a decade.
In 2014, in face of a series of challenges including the downward economy, weak market and dramatic decrease in the price of main business area, Sinochem Group insisted on the work guideline of making progress while maintaining stable operation, and made all efforts to enhance business operation, management, risk control and transition, keeping general stability in profit scale in front of external ordeal. Breakthrough was made in strategic transition. In particular the Company’s landmark project in the third pioneering work – the 12 million tons per year oil refining project of Sinochem Quanzhou Petrochemical Co., Ltd. was successfully built and put into operation, which strengthened the productive capability and sustainable development capability of Sinochem Group. The Company realized annual business revenue of 496.8 billion Yuan and total profit of 11.35 billion Yuan. The profit keeps over 10 billion Yuan for 4 straight years. The total assets reached 355.4 billion Yuan, net assets 127.7 billion Yuan. The financial structure keeps stable and robust, and the asset quality is good. Meanwhile, based on keeping national energy safety and agricultural safety, Sinochem Group created social contributions valuing 29.5 billion Yuan in total throughout the year, a great contribution to the national economic and social development.
As a highly market-oriented industrial group that has a diversified business portfolio, Sinochem Group will hold the development concept of being “active, stable, sustainable and healthy” in the future according to the requirement of striving to be better, the development characteristics of marketization, internationalization and industrialization, and the Sinochem-characterized industrial development path guided by marketization, supported by resources and technology and ensured by lean management, making more contributions to keeping and increasing the value of state-owned assets by great performance.
Click here to view 2014 Annual Report of Sinochem Group