China’s CNPC reports 62.1% net profit surge in 2022

BEIJING, 1st April, 2023 (WAM) — 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.

In a statement carried by Chinese news agency, Xinhua, the company said that net profit attributable to the parent company reached 149.38 billion yuan (about US$21.74 billion) last year.

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.