Shanghai Petrochemical disclosed its earnings forecast, expecting net profit attributable to the parent of 234 million to 351 million yuan in the first half of 2026, compared with a loss of 462 million yuan in the same period last year, achieving a turnaround to profit year-on-year. Deducted non-recurring profit is expected to be 245 million to 367 million yuan, compared with a loss of 439 million yuan in the same period last year. The company stated that the profit was mainly due to the surge in international crude oil prices driven by geopolitical conflicts, adjustments in industry supply and demand, an overall rise in petrochemical product prices, and the price increase of major products outpacing the rise in crude oil processing costs, leading to a year-on-year increase in product gross margins.
Sinopec Shanghai Petrochemical Co Ltd Class ACompany expects profit turnaround due to surge in crude oil prices from geopolitical conflicts and supply-demand adjustments, raising product prices and gross margins.