Financial Highlights:

(17 March 2025,Hong Kong) Sinopec Kantons Holdings Limited (“Sinopec Kantons” or the “Company”; stock code:0934) today announced the audited annual results of the Company and its subsidiaries (collectively known as the “Group”) for the year ended 31 December 2024 (the“Reporting Period”).

In 2024, the Group steadily advanced high-quality development, enhanced corporate governance, and strived hard to expand core businesses. Moreover, Huade Petrochemical, a wholly- owned subsidiary of the Company, commenced naphtha unloading business, laying a solid foundation for bolstering its efficiency. The Group’s revenue for the period grew by 9.38% year-on-year to approximately HK$667 million, with its gross profit climbed by 25.32% year-on-year to approximately HK$324 million on increased throughput handled by Huade Petrochemical and effective cost control.Meanwhile, the Group’s share of results from joint ventures and associates decreased from 2023 resulting from lower throughput handled by the domestic terminal companies invested by the Group.

Profit attributable to the Company’s equity holders for the Reporting Period dropped by 9.33% year-on-year to approximately HK$1,177 million. In view of the Group’s results, cash flow and the needs of its future development, the Board proposed to distribute a final cash dividend for 2024 of HK15 cents per share.Together with an interim cash dividend of HK 10 cents per share, the total cash dividend for the year amounted to HK 25 cents per share,which was the same as the previous year.

In 2024,the production initiatives of some refineries were dampened due to a combination of factors including declined domestic demand for refined oil and fluctuations of international oil price, which raised their feedstock costs and weighed on their profitability. The Group’s domestic terminal companies’ throughput was thus adversely affected. During the Reporting Period, the segment results of crude oil jetty and storage business amounted to approximately HK$1,005 million, down by 9.76% year-over-year. As the LNG vessel which experienced equipment failure at the end of 2023 had been repaired and resumed normal operation in June last year, the segment results of vessel chartering and logistics business soared by 51.28% year-on-year to approximately HK$120 million.

Official launch of naphtha unloading business: During the ReportingPeriod, Huade Petrochemical completed the construction project for upgrading and transforming Mabianzhou jetty facilities and officially launched naphtha unloading business, thus enabling it to fully utilize the surplus capacity of existing terminal to provide third-party customers with unloading services. Huade Petrochemical unloaded crude oil from 109 tankers in the Reporting Period, with the volume of crude oil unloaded increased by 16.49% year-on-year to approximately 13.92 million tonnes and the volume of crude oil transmitted grew by 7.80% year-on-year to approximately 11.89 million tonnes. Revenue generated from Huade Petrochemical was approximately HK$667 million, up 9.38%year-on-year; and the segment results from Huade Petrochemical amounted to approximately HK$269 million, up 25.41% year-on-year.

Stringent cost control to combat difficult market environment: In the face of severe market environment and difficult conditions for production and operations derived from global turmoil and tepid economic growth in China, the Group continued to exercise stringent control of various costs in the Reporting Period. In 2024, the aggregate throughput of the Six Domestic Terminal Companies was approximately 190 million tonnes, down by 9.09% year-on-year. They generated a total investment return of approximately HK$581 million for the Company, down 25.61% year-on-year.

Completion of pipeline network connecting FOT’s storage area to VLCC terminal at the port: During the Reporting Period, Fujairah Oil Terminal(“FOT”), a joint venture of the Company in the Middle East, ensured 100% occupancy rate of its storage tanks and succeeded in further raising the rental rates. In addition, the pipeline network connecting FOT’s storage area to the very large crude carrier (“VLCC”) terminal at the port was completed, thus facilitating the provision of more efficient and high-quality storage and operational services to customers. In 2024, FOT generated an investment return of approximately HK$125 million for the Company, up 19.05% year-on-year.

Steady growth in occupancy rates and average rents of VESTA’s storage tanks: During the Reporting Period, VESTA Terminal B.V.(“VESTA”), a joint venture of the Company in Europe, stepped up efforts in market development and saw further growth in the occupancy rates and average rents of storage tanks. In addition, VESTA disposed of the loss-making VESTA Terminal Tallinn in Estonia at the end of 2023. As a result, the investment return generated from VESTA surged by 137.17% year-on-year to approximately HK$28.65 million. Meanwhile, VESTA is planning to commence a project connecting VTA, a wholly-owned subsidiary of VESTA in Belgium, with the new terminal at the Port of Antwerp in order to increase the berth capacity of VTA. Moreover, it is exploring the feasibility of green ammonia unloading and storage project with potential customers

Returning to normalcy of LNG logistics operation along with steady progress inVenture Global LNG transportation project: During the Reporting Period, the Group’s eight LNG vessels resumed normal operation after the LNG vessel experiencing equipment failure in 2023 had been repaired and resumed operation. They completed a total of 103 voyages, which generated an investment return of approximately HK$120 million for the Company, up 51.28% year-on-year.Besides, the Group is steadily implementing the construction of the transportation project of Venture Global LNG.The first LNG vessel is under construction and three LNG vessels are expected to be completed and delivered successively between 2027 and 2028.

Committed to high-quality development principle and seeking business transformation: Looking ahead to 2025, the market will be clouded by different unpredictable factors including complex and ever-changing global landscape, geopolitical tensions and policy uncertainties in various countries. On the other hand, the rise of emerging markets and profound reforms in industrial structures will bring new growth momentum to the global economy. China’s economy is expected to sustain steady growth underpinned by the gradual implementation of supportive government’s economic policies. The Board will remain committed to the principle of high-quality development, strive to expand core businesses through scientific planning, seek business transformation and proactively address various risks, thereby creating sustainable value for shareholders.