Zijin Mining and Sinopec report increased interim profits

Major Chinese industrial firms Zijin Mining and Sinopec have reported strong interim financial results for the first half of the year, driven by high commodity prices.

Zijin Mining reported an interim profit of 39.17 billion yuan, a 68.2% increase year-on-year. Revenue rose 15.8% to approximately 194.2 billion yuan. The company noted that gold business revenue accounted for 41.2% of total revenue, benefiting from significant gold price increases. However, the group noted production pressure for copper due to an incident at the Kamoa-Kakula mine, which led to a downward revision of its copper production target.

Sinopec reported an interim net profit of 26.567 billion yuan, up 11.9% year-on-year. Total revenue reached 1.44 trillion yuan, a 2% increase. The company's operating income rose 11.3% to 37.21 billion yuan, attributed to high oil prices and increased upstream development. Looking ahead, Sinopec noted uncertainty regarding international crude oil prices due to geopolitical factors and global supply-demand shifts.