Sinopec Records RMB274 Million Impairment on Joint Venture

An update from Sinopec Oilfield Service ( (HK:1033) ) is now available.

Sinopec Oilfield Service Corporation announced a provision for impairment of long-term equity investments due to losses recorded by its joint venture, Mexico DS Company, in 2024. The impairment, amounting to RMB274 million, reflects a prudent assessment of the joint venture’s financial condition following operational challenges and reduced capital recovery. This provision will decrease the company’s total profit and net profit attributable to shareholders by RMB274 million, aligning with accounting standards and internal controls to present a fair view of the company’s assets.

More about Sinopec Oilfield Service

Sinopec Oilfield Service Corporation is a joint stock limited company established in the People’s Republic of China, operating in the oilfield services industry. The company, along with its subsidiaries, focuses on providing oilfield services and is listed on the Hong Kong Stock Exchange under the stock code 1033.

YTD Price Performance: 11.25%

Technical Sentiment Consensus Rating: Sell

Current Market Cap: $4.08B

See more data about 1033 stock on TipRanks’ Stock Analysis page.