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Shanghai Petrochemical Announces 2011 Annual Results

HONG KONG, March 30, 2012 /PRNewswire-Asia/ -- Sinopec Shanghai Petrochemical Company Limited ("Shanghai Petrochemical" or the "Company") (HKEx: 00338; SSE: 600688; NYSE: SHI) today announced the audited operating results of the Company and its subsidiaries (the "Group") prepared under International Financial Reporting Standards ("IFRS") for the year ended December 31, 2011 (the "Year").

According to IFRS, turnover of the Group for the Year amounted to RMB 95,518.9 million, representing an increase of 23.22% over the previous year. Profit attributable to equity shareholders of the Company amounted to RMB 956.1 million (2010: RMB 2,769.0 million). Basic earnings per share was RMB 0.133 (2010: RMB 0.385). The board of directors of the Company recommended payment of a dividend of RMB 0.50 per 10 shares (including tax) for the Year (2010: RMB 1.00 per 10 shares, including tax).

Mr. Rong Guangdao, chairman of Shanghai Petrochemical, said, "In 2011, China's economy continued to maintain steady and relatively rapid growth while its petroleum and petrochemical industry demonstrated rapid and steady growth. However, the Group's operating costs rose sharply due to the high prices of international crude oil. Meanwhile, domestic prices of refined oil products were kept under control and prices of petrochemical products declined remarkably in the fourth quarter, resulting in a substantial decline in profit for the year compared to last year. Despite the unfavorable macro environment, both the employees and the management managed to seize opportunities when facing challenges in the market, put more effort into optimizing production and operations and carrying out the construction of the Phase 6 Project. As a result, the Group accomplished all of its production and operational tasks for the year and reached record highs in various indicators such as crude oil processing volume, total volume of goods and turnover.

For the year ended December 31, 2011, the Group's net sales amounted to RMB 89,509.7 million, representing an increase of 24.15% over the previous year. The weighted average prices (excluding tax) of the Group's synthetic fibres, resins and plastics, intermediate petrochemical products and petroleum products increased by 8.35%, 12.23%, 17.44% and 18.32%, respectively, over 2010.

In 2011, the Group recorded continuous growth in physical production volume, with the total volume of goods amounting to 12,001,500 tons, representing an increase of 4.53% over the previous year. During the Year, the Group processed 10,866,700 tons of crude oil (including 257,000 tons of crude oil processed on a sub-contract basis), representing an increase of 3.29%. Total production output of gasoline, diesel and jet fuel was 5,745,600 tons, representing an increase of 6.92%, among which the Group produced 968,500 tons of gasoline, 3,979,800 tons of diesel and 797,300 tons of jet fuel, representing increases of 3.87%, 8.27% and 4.13%, respectively. The Group produced 910,100 tons of ethylene and 481,700 tons of propylene, representing a decrease of 6.45% and 7.93%, respectively. The Group produced 923,100 tons of paraxylene, representing an increase of 9.81%. The Group also produced 1,097,900 tons of synthetic resins and copolymers (excluding polyesters and polyvinyl alcohol), representing a decrease of 3.16%; 946,200 tons of synthetic fiber monomers, representing a decrease of 0.41%; 664,200 tons of synthetic fiber polymers, representing an increase of 3.26%; and 250,000 tons of synthetic fiber, representing a decrease of 1.42%. Meanwhile, the Group continued to maintain the premium level of quality of its products.

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