Tuesday, 30 May, 2023

China’s oil giant CNPC reports robust profit growth

BEIJING: China National Petroleum Corporation (CNPC), the country's largest oil and gas producer and supplier, reported a 62.1-percent surge in net profit in 2022.

Net profit attributable to the parent company reached 149.38 billion yuan (about 21.74 billion U.S. dollars) last year, the company said in a statement filed with the Shanghai Stock Exchange, reports Xinhua.

The company's business revenue rose 23.9 percent to about 3.24 trillion yuan in the reporting period, it said.

The company also said that its free cash flow increased by 88.4 percent year on year.