China oil giant Sinopec posts 44% jump in net profit

SHANGHAI: State-owned Chinese energy major Sinopec said 2016 net profit jumped 44 percent, its first annual profit rise in three years, as strong demand and better margins in its downstream refining business helped offset low oil prices.

Sinopec—a listed unit of China Petrochemical Corp—saw net profit surge to 46.7 billion yuan ($6.8 billion), it said in a statement filed late Sunday to the Hong Kong stock exchange, where it is listed.