SINOPEC Engineering (Group) Co (HKG:2386) reports a 31% year-on-year increase in new contract value to 44.4 billion yuan for Q1, with backlog rising nearly 17% to 201.2 billion yuan as of March 31, according to a Tuesday bourse filing.
Key projects include an 11.6 billion yuan EPC contract for Maoming Petrochemical's refinery upgrade, a 1.96 billion yuan aromatics project in Jiujiang, and a $2.06 billion refinery deal with Algeria's Sonatrach.
The backlog reflects uncompleted contract work, though actual execution may vary due to client modifications, delays, or external factors beyond the group's control.
Growth was driven by strong performance across business segments, with Sinopec Group-affiliated clients remaining a core contributor alongside expanding non-Sinopec projects.
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