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Silicon Labs Reports Second Quarter 2024 Results

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Wireless IoT leader delivers strong second-quarter growth

AUSTIN, Texas, July 24, 2024 /PRNewswire/ — Silicon Labs (NASDAQ: SLAB), a leader in secure, intelligent wireless technology for a more connected world, reported financial results for the second quarter, which ended June 29, 2024.

“Silicon Labs delivered another quarter of strong sequential growth, driven by a combination of design wins ramping to production in several key growth areas, and end customers working down their excess inventory,” said Matt Johnson, President and Chief Executive Officer at Silicon Labs. “Looking forward, we expect revenue growth to continue in the third quarter as excess inventory is further reduced, design wins continue ramping, and bookings improve.”

Second Quarter Financial Highlights 

Revenue was $145 millionIndustrial & Commercial revenue for the quarter was $88 millionHome & Life revenue for the quarter was $57 million

Results on a GAAP basis:

GAAP gross margin was 53%GAAP operating expenses were $125 millionGAAP operating loss was $48 millionGAAP diluted loss per share was $(2.56)

Results on a non-GAAP basis, excluding the impact of stock compensation, amortization of acquired intangible assets, and certain other items as set forth in the below GAAP to Non-GAAP reconciliation tables were as follows:

Non-GAAP gross margin was 53%Non-GAAP operating expenses were $102 millionNon-GAAP operating loss was $25 millionNon-GAAP diluted loss per share was $(0.56)

Business Highlights

Due to popular demand, Silicon Labs is expanding its fifth annual Works With Developers Conference this fall with live events in San Jose, Hyderabad, and Shanghai. Each event’s agenda is tailored to regional market needs and covers key IoT topics like Matter, Smart Cities, AI and Machine Learning, and Security.Announced Silicon Labs’ new xG22E family of wireless SoCs, its first-ever family designed to operate within the ultra-low power envelope required for battery-free, energy harvesting applications. The new family consists of the BG22E, MG22E, and FG22E. As Silicon Labs’ most energy-efficient SoCs to date, all three SoCs will enable IoT device makers to build high-performance, Bluetooth Low Energy (LE), 802.15.4-based, or proprietary 2.4GHz. wireless devices for battery-optimized and battery-free devices that can harvest energy from external sources in their environments like indoor or outdoor ambient light, ambient radio waves, and kinetic motion.

Business Outlook

The company expects third-quarter revenue to be between $160 to $170 million. The company also estimates the following results:

On a GAAP basis:

GAAP gross margin to be between 54% to 56%GAAP operating expenses of approximately $123 million to $125 millionGAAP diluted loss per share per share between $(0.95) to $(1.25)

On a non-GAAP basis, excluding the impact of stock compensation, amortization of acquired intangible assets, and certain other items as set forth in the reconciliation tables:

Non-GAAP gross margin to be between 54% to 56%Non-GAAP operating expenses of approximately $101 million to $103 millionNon-GAAP diluted loss per share between $(0.10) to $(0.30)

Earnings Webcast and Conference Call 

Silicon Labs will host an earnings conference call to discuss the quarterly results and answer questions at 7:30 am CDT today. An audio webcast will be available on Silicon Labs’ website (www.silabs.com) under Investor Relations. In addition, the company will post an audio recording of the event at investor.silabs.com and make a replay available through August 24, 2024.

About Silicon Labs 

Silicon Labs (NASDAQ: SLAB) is a leader in secure, intelligent wireless technology for a more connected world. Our integrated hardware and software platform, intuitive development tools, thriving ecosystem, and robust support make us an ideal long-term partner in building advanced industrial, commercial, home and life applications. We make it easy for developers to solve complex wireless challenges throughout the product lifecycle and get to market quickly with innovative solutions that transform industries, grow economies, and improve lives. silabs.com

Forward-Looking Statements

This press release contains forward-looking statements based on Silicon Labs’ current expectations. The words “believe”, “estimate”, “expect”, “intend”, “anticipate”, “plan”, “project”, “will”, and similar phrases as they relate to Silicon Labs are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Silicon Labs and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Among the factors that could cause actual results to differ materially from those in the forward-looking statements are the following: the competitive and cyclical nature of the semiconductor industry; the challenging macroeconomic environment, including disruptions in the financial services industry; geographic concentration of manufacturers, assemblers, test service providers and customers in Asia that subjects Silicon Labs’ business and results of operations to risks of natural disasters, epidemics or pandemics, war and political unrest; risks that demand and the supply chain may be adversely affected by military conflict (including in the Middle East, and between Russia and Ukraine), terrorism, sanctions or other geopolitical events globally (including in the Middle East, and conflict between Taiwan and China); risks that Silicon Labs may not be able to maintain its historical growth; quarterly fluctuations in revenues and operating results; difficulties developing new products that achieve market acceptance; risks associated with international activities (including trade barriers, particularly with respect to China); intellectual property litigation risks; risks associated with acquisitions and divestitures; product liability risks; difficulties managing and/or obtaining sufficient supply from Silicon Labs’ distributors, manufacturers and subcontractors; dependence on a limited number of products; absence of long-term commitments from customers; inventory-related risks; difficulties managing international activities; risks that Silicon Labs may not be able to manage strains associated with its growth; credit risks associated with its accounts receivable; dependence on key personnel; stock price volatility; the impact of COVID-19 on the U.S. and global economy; debt-related risks; capital-raising risks; the timing and scope of share repurchases and/or dividends; average selling prices of products may decrease significantly and rapidly; information technology risks; cyber-attacks against Silicon Labs’ products and its networks; risks associated with any material weakness in our internal controls over financial reporting; and other factors that are detailed in the SEC filings of Silicon Laboratories Inc. Silicon Labs disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. References in this press release to Silicon Labs shall mean Silicon Laboratories Inc.

Note to editors: Silicon Laboratories, Silicon Labs, the “S” symbol, and the Silicon Labs logo are trademarks of Silicon Laboratories Inc. All other product names noted herein may be trademarks of their respective holders. 

Silicon Laboratories Inc.

Condensed Consolidated Statements of Operations 

(In thousands, except per share data) 

(Unaudited)

Three Months Ended

Six Months Ended

June 29,
2024

July 1,
2023

June 29,
2024

July 1,
2023

Revenues

$           145,367

$           244,866

$           251,742

$           491,653

Cost of revenues

68,784

101,091

120,090

194,018

Gross profit

76,583

143,775

131,652

297,635

Operating expenses:

Research and development

85,909

85,902

166,559

175,298

Selling, general and administrative

38,695

40,706

72,248

85,597

Operating expenses

124,604

126,608

238,807

260,895

Operating income (loss)

(48,021)

17,167

(107,155)

36,740

Other income (expense):

Interest income and other, net

2,790

7,780

5,522

12,616

Interest expense

(263)

(1,596)

(772)

(3,252)

Income (loss) before income taxes

(45,494)

23,351

(102,405)

46,104

Provision for income taxes

36,663

12,338

36,278

20,091

Equity-method loss

—

(57)

—

(1,090)

Net income (loss)

$            (82,157)

$             10,956

$         (138,683)

$             24,923

Earnings (loss) per share:

Basic

$                (2.56)

$                  0.35

$                (4.33)

$                  0.78

Diluted

$                (2.56)

$                  0.33

$                (4.33)

$                  0.75

Weighted-average common shares outstanding:

Basic

32,124

31,614

32,018

31,786

Diluted

32,124

32,926

32,018

33,339

Non-GAAP Financial Measurements

In addition to the GAAP results provided throughout this document, Silicon Labs has provided non-GAAP financial measurements on a basis excluding non-cash and other charges and benefits. Details of these excluded items are presented in the tables below, which reconcile the GAAP results to non-GAAP financial measurements.

The non-GAAP financial measurements do not replace the presentation of Silicon Labs’ GAAP financial results. These measurements provide supplemental information to assist management and investors in analyzing Silicon Labs’ financial position and results of operations. Silicon Labs has chosen to provide this information to investors to enable them to perform meaningful comparisons of past, present and future operating results and as a means to emphasize the results of core on-going operations.

Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures

(In thousands, except per share data)

Three Months Ended

June 29, 2024

Non-GAAP Income Statement Items

GAAP

Measure

GAAP

Percent of

Revenue

Stock

Compensation

Expense

Intangible
Asset

Amortization

Termination
Costs

Non-GAAP

Measure

Non-GAAP

Percent of

Revenue

Revenues

$     145,367

Gross profit

76,583

52.7 %

$                 412

$                —

$                  —

$          76,995

53.0 %

Research and development

85,909

59.1 %

10,217

6,061

902

68,729

47.3 %

Selling, general and administrative

38,695

26.6 %

5,215

19

106

33,355

22.9 %

Operating expenses

124,604

85.7 %

15,432

6,080

1,008

102,084

70.2 %

Operating income (loss)

(48,021)

(33.0 %)

15,844

6,080

1,008

(25,089)

(17.3 %)

 

Three Months Ended

June 29, 2024

Non-GAAP Loss Per Share

GAAP

Measure

Stock

Compensation

Expense*

Intangible

Asset

Amortization*

Termination

Costs*

Income

Tax

Adjustments

Non-

GAAP

Measure

Net income (loss)

$    (82,157)

$          15,844

$             6,080

$           1,008

$           41,176

$      (18,049)

Diluted shares outstanding

32,124

32,124

Diluted loss per share

$        (2.56)

$          (0.56)

*   Represents pre-tax amounts

 

Unaudited Forward-Looking Statements Regarding Business Outlook

(In millions, except per share data)

Three Months Ended
September 28, 2024

Business Outlook

GAAP

Measure

Non-GAAP

Adjustments**

Non-GAAP

Measure

Gross margin

54% to 56%

— %

54% to 56%

Operating expenses

$123 to $125

$(22)

$101 to $103

Diluted loss per share

$(0.95) to $(1.25)

$0.85 to $0.95

$(0.10) to $(0.30)

** 

Non-GAAP adjustments include the following estimates: stock compensation expense of $16.8 million, intangible asset amortization of $5.4 million, and the application of a long-term non-GAAP tax rate of 20%.

 

Silicon Laboratories Inc.

Condensed Consolidated Balance Sheets 

(In thousands, except per share data) 

(Unaudited)

June 29,
2024

December 30,
2023

Assets

Current assets:

Cash and cash equivalents

$           240,834

$           227,504

Short-term investments

98,336

211,720

Accounts receivable, net

41,212

29,295

Inventories

166,079

194,295

Prepaid expenses and other current assets

53,585

75,117

Total current assets

600,046

737,931

Property and equipment, net

139,397

145,890

Goodwill

376,389

376,389

Other intangible assets, net

47,374

59,533

Other assets, net

86,781

123,313

Total assets

$        1,249,987

$        1,443,056

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$             39,295

$             57,498

Revolving line of credit

—

45,000

Deferred revenue and returns liability

3,323

2,117

Other current liabilities

57,495

58,955

Total current liabilities

100,113

163,570

Other non-current liabilities

56,845

70,804

Total liabilities

156,958

234,374

Commitments and contingencies

Stockholders’ equity:

Preferred stock – $0.0001 par value; 10,000 shares authorized; no shares issued

—

—

Common stock – $0.0001 par value; 250,000 shares authorized; 32,289 and 31,897 shares issued and outstanding at June 29, 2024 and December 30, 2023, respectively

3

3

Additional paid-in capital

39,232

16,973

Retained earnings

1,054,048

1,192,731

Accumulated other comprehensive loss

(254)

(1,025)

Total stockholders’ equity

1,093,029

1,208,682

Total liabilities and stockholders’ equity

$        1,249,987

$        1,443,056

 

Silicon Laboratories Inc.

Condensed Consolidated Statements of Cash Flows 

(In thousands) 

(Unaudited)

Six Months Ended

June 29,
2024

July 1,
2023

Operating Activities

Net income (loss)

$         (138,683)

$             24,923

Adjustments to reconcile net income to net cash used in operating activities:

Depreciation of property and equipment

13,152

12,441

Amortization of other intangible assets

12,160

12,904

Amortization of debt issuance costs

—

960

Stock-based compensation expense

29,455

31,377

Equity-method loss

—

1,090

Deferred income taxes

29,784

(6,403)

Changes in operating assets and liabilities:

Accounts receivable

(11,918)

(26,819)

Inventories

28,123

(45,064)

Prepaid expenses and other assets

20,723

32,963

Accounts payable

(19,341)

(30,003)

Other current liabilities and income taxes

(13,624)

(26,220)

Deferred revenue and returns liability

1,206

4,326

Other non-current liabilities

(6,703)

(1,975)

Net cash used in operating activities

(55,666)

(15,500)

Investing Activities

Purchases of marketable securities

(17,700)

(81,427)

Sales of marketable securities

34,538

339,555

Maturities of marketable securities

97,458

171,691

Purchases of property and equipment

(5,577)

(13,462)

Proceeds from sale of equity investment

12,382

—

Purchases of other assets

—

(215)

Net cash provided by investing activities

121,101

416,142

Financing Activities

Proceeds from revolving line of credit

—

80,000

Payments on debt

(45,000)

(536,124)

Repurchases of common stock

—

(201,095)

Payment of taxes withheld for vested stock awards

(15,213)

(16,310)

Proceeds from the issuance of common stock

8,108

7,785

Net cash used in financing activities

(52,105)

(665,744)

Increase (decrease) in cash and cash equivalents

13,330

(265,102)

Cash and cash equivalents at beginning of period

227,504

499,915

Cash and cash equivalents at end of period

$           240,834

$           234,813

 

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SOURCE Silicon Labs

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Embracing the Semiconductor Supercycle: Harvest STAR Chip ETF (Stock Code 3559) Authorized by the SFC Listing Soon on SEHK

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October 28, 2026

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HONG KONG, Oct. 28, 2026 /PRNewswire/ — Harvest Global Investments Limited announced that the Harvest STAR Chip ETF (Stock Code: 3559)(the “Fund”) has been authorised by the Securities and Futures Commission of Hong Kong (the “SFC”) today and will be listed on The Stock Exchange of Hong Kong Limited (the “SEHK”).

The Fund is a feeder exchange-traded fund (“Feeder ETF”) adopting a Master–Feeder Structure and is managed by Harvest Global Investments Limited, the Fund will invest at least 90% of its net asset value in the Harvest SSE STAR Chip ETF¹ (Stock Code: 588200), which is listed on the Shanghai Stock Exchange through the Qualified Foreign Investor (“QFI”) status of the Manager and/or the Shanghai-Hong Kong Stock Connect, it will thereby gaining indirect exposure to Mainland STAR Market Chip Assets. The Feeder ETF will be listed on the SEHK, providing Hong Kong investors with a convenient, efficient tool to gain exposure to the STAR Market chip sector. DWS Investments Hong Kong Limited acts as the Fund’s Investment Adviser; Deutsche Bank (China) Co., Ltd., Shanghai Branch acts as its QFII Custodian; and CMB Wing Lung Bank Ltd acts as its Custodian.

Harvest SSE STAR Chip ETF¹ is managed by Harvest Fund Management Co., Ltd. and closely tracks the SSE STAR Chip Index (Index Code: 000685).

Focus on Core Technologies Across the STAR Market Chip Value Chain

The SSE STAR Chip Index selects securities of STAR Market-listed companies engaged in semiconductor materials and equipment, chip design, manufacturing, packaging and testing. It includes the top 50 securities ranked by average daily total market capitalisation over the preceding year, caps each constituent’s weight at 10%, and rebalances quarterly. Semiconductor-related companies account for more than 95% of the Index, and its top ten constituents are mostly leaders in their respective segments. Its constituent stocks are subject to a 20% daily price fluctuation limit, offering potential volatility and growth characteristics distinct from Main Board indices.

The master fund in which the Fund invests uses a full replication strategy to track the underlying index, targeting an absolute average daily tracking deviation of no more than 0.2% and an annualised tracking error of no more than 2%. For investors, rapid rotation among chip subsectors makes selection challenging. By covering the full value chain, including design, manufacturing, equipment, materials, packaging, and testing, the ETF can diversify concentration risk in any single subsector and offer one-stop solution for sector allocation.

Leading the Current Rally as Index Sensitivity Aligns with Industry Momentum

According to data from Hithink RoyalFlush, since its base date on 31 December 2019, through 23 October 2026,the STAR Chip Index has risen by more than 200%,  with a cumulative gain of more than 150% over the past three years as of 23 October 2026.

The current rally is being driven by AI-led industry transformation. Advances in large AI models have prompted substantial upward revisions to global capital expenditure on computing infrastructure, driving growth in demand for GPUs and memory. However, the long lead times for wafer fabrication plant construction and equipment procurement make it difficult for supply to keep pace in the short term. Semiconductors are also central to China’s pursuit of greater self-reliance and strength in science and technology, with domestic substitution and policy support continuing to advance.

Industry Drivers from Policy Support and Domestic Substitution to AI Demand

The chip industry is a strategic, foundational and pioneering industry underpinning economic and social development. Relevant authorities have introduced policy measures, including income tax incentives, support from the National Integrated Circuit Industry Investment Fund, and additional value-added tax (“VAT”) deduction credits.

On the demand side, capital expenditure by major global cloud service providers continues to grow strongly. As AI expands from training to inference, it is driving demand for bandwidth, memory and advanced packaging. China’s chip design industry continues to post strong sales growth, wafer fabrication capital expenditure is rising, and substantial scope remains for domestic substitution in packaging and testing. With constituents spanning the upstream, midstream and downstream segments, the STAR Chip Index is positioned to benefit from momentum across the entire value chain.

Harvest’s index team believes that the STAR Market chip sector continues to enjoy supportive medium- to long-term industry fundamentals. Advances in global semiconductor technologies, including AI, advanced packaging and high-performance computing, are creating further opportunities, while localisation remains a long-term industry trend. The opportunity extends beyond near-term industry momentum to core assets with growth potential and strategic significance in the upgrading of technology and manufacturing.

About Harvest Global Investments Limited

Established in Hong Kong in 2008, Harvest Global Investments Limited is a subsidiary of Harvest Fund Management Co., Ltd. As the core platform for its parent company’s international business, Harvest Global Investments Limited holds SFC licences of Type 1 (Dealing in Securities), Type 4 (Advising on Securities) and Type 9 (Asset Management) regulated activities. Drawing on the strength and brand heritage of Harvest Fund Management Co., Ltd., Harvest Global Investments Limited continues to provide global investors with asset management services, including equity, fixed income, index and multi-strategy solutions.

Important Information and Risk Disclosure

Investment involves risks, including possible loss of principal amount invested. Past performance or any prediction or forecast is not indicative of future results. Investors should read the offering documents for further details, including the risk factors, before investing. Investment returns not denominated in HKD/USD are exposed to exchange rate fluctuations. This document is published by Harvest Global Investments Limited and has not been reviewed by the Securities and Futures Commission in Hong Kong.

IMPORTANT: Investment involves risks, including possible loss of principal amount invested. Past performance or any prediction or forecast is not indicative of future results. Investors should read the offering documents of Harvest STAR Chip ETF (the “Sub-Fund”) for further details, including the risk factors, before investing. Investors should not base investment decisions on this material alone. Investors should note:

The Sub-Fund is a feeder fund which will invest at least 90% of its NAV in the Harvest SSE STAR Chip ETF (the “Master ETF”). The Master ETF is regulated by the CSRC and is subject to the applicable PRC mainland laws and regulations. The Master ETF is subject to chip industry concentration risks, PRC mainland market and concentration risks and risk of investing in the STAR Market.The relevant rules and regulations (including restrictions on investments, repatriation of principal and profits, taxation) in the PRC mainland are subject to change which may have potential retrospective effect. Where a suspension or intervention in the trading through the QFI regime and/or the Stock Connect is effected, the Sub-Fund’s ability to achieve its investment objective could be negatively affected.There are risks and uncertainties associated with the current PRC mainland tax laws, regulations and practice in respect of capital gains realised via the QFI regime or the Stock Connect. Any increased tax liabilities on the Sub-Fund may adversely affect the Sub-Fund’s value.Investors of Listed and Unlisted Classes of Units are subject to different pricing and dealing arrangements. The NAV per Unit of each of the Listed and Unlisted Classes of Units may be different due to different fees and cost applicable to each class. The trading hours of SEHK applicable to the Listed Class of Units in the secondary market, the dealing deadlines in respect of the Listed and/or Unlisted Classes of Units in the primary market, may be all different. In view of the differences in fee and cost arrangements between the Listed and Unlisted Classes, the NAV per Unit of each of the Listed Class of Units and Unlisted Classes of Units may also be different.The Sub-Fund is subject to general investment risk, trading differences risks, RMB currency risk and risk relating to distributions paid out of capital.

The Sub-Fund is authorized by the Securities and Futures Commission in Hong Kong (“SFC”). Such authorization does not imply official recommendation by the SFC.

¹ Harvest SSE STAR Chip ETF is not authorised by the SFC and will not be offered directly to the public in Hong Kong.

 

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SOURCE Harvest Global Investments Limited

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Tongwei Solar Showcases High-Efficiency Solar Cell Technologies at Renewable Energy India Expo 2026

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October 28, 2026

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GREATER NOIDA, India, Oct. 28, 2026 /PRNewswire/ — Tongwei Solar showcased its TNC series high-efficiency solar cells at Renewable Energy India Expo (REI) 2026, held from October 22–24 in Greater Noida, India. The company also hosted industry presentations and technical discussions on India’s PV manufacturing landscape, advanced solar cell technologies and quality assurance, engaging with customers and industry partners from India and around the world.

Advancing Cell Technology and Manufacturing Performance

At the exhibition, Tongwei presented its latest developments in the TNC series. Through the coordinated application of TPE, Poly Tech and multi-cut technologies, TNC 3.0 multi-cut cells help reduce cutting losses and enable a module power gain of more than 10W, creating additional value for downstream module manufacturers.

The event featured insights from Priyadarshini Sanjay, Managing Director of Mercom, on India’s PV manufacturing industry and market outlook. Tongwei representatives also shared perspectives on China–India solar industry collaboration and introduced the company’s high-efficiency cell technologies, manufacturing practices and quality control measures.

These sessions provided an opportunity for industry participants to exchange views on market development, technology advancement and opportunities for cooperation across the solar value chain.

TÜV Rheinland Recognizes Tongwei’s PV Cell Manufacturing Excellence

A key highlight was Tongwei Solar receiving the “Global Benchmark in PV Cell Manufacturing Award” from TÜV Rheinland. The award recognizes Tongwei’s manufacturing scale, technological capabilities and product quality in high-efficiency solar cell manufacturing.

The recognition adds to Tongwei’s achievements in advanced manufacturing and sustainable development. The company’s PV cell manufacturing operations include a Lighthouse Factory designation and recognition from the World Economic Forum’s MINDS initiative for AI application, alongside TÜV Rheinland’s Zero Carbon Factory certification.

Strengthening Global Partnerships

Throughout the exhibition, Tongwei’s team met with customers and partners to discuss product performance, manufacturing capabilities, technical support and potential collaboration. These exchanges reinforced the importance of high-efficiency technologies, consistent product quality and responsive technical services in meeting the evolving needs of global PV markets.

Tongwei Solar will continue to advance technological innovation, intelligent manufacturing and quality assurance while working with global partners to support the development of the photovoltaic industry.

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Sinopec Releases Africa Sustainability Report and Launches WE17 Global Communication Brand in Cairo

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October 28, 2026

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CAIRO, Oct. 28, 2026 /PRNewswire/ — China Petroleum & Chemical Corporation (HKG: 0386, “Sinopec” or “the Company”) released Sinopec’s Sustainability Report in Africa (2021-2025) in Cairo on October 25 which highlights five years of progress in energy cooperation, environmental protection, community development, and cultural exchange. The Company also introduced its global sustainability communication brand, WE17. The report shows that Sinopec implemented 33 projects across 16 African countries between 2021 and 2025, with cumulative investment exceeding US$5.7 billion and total tax payments and social responsibility contributions surpassing US$4 billion over the same period. In 2025, its operations directly created 16,000 local jobs.

Zhao Liuqing, Minister Counselor for Economic and Commercial Affairs at the Chinese Embassy in Egypt, addressed the event and noted that 2026 marks the 70th anniversary of diplomatic relations between China and Egypt and of the establishment of diplomatic relations between China and African countries. Mr. Zhao described Sinopec’s activities in Egypt as an example of the China-Egypt comprehensive strategic partnership and a contribution to stronger people-to-people ties. Magdy Amer, board member of the Egypt-China Friendship Association and former Egyptian ambassador to China, also delivered remarks recognizing Sinopec’s contributions to economic and social development.

Wei Dong, Managing Director of Sinopec Africa Office, presented the report and reaffirmed the Company’s commitment to leveraging its integrated industrial capabilities, increasing investment in quality resources, and balancing economic performance with ecological protection and community well-being. He also emphasized Sinopec’s continued participation in Africa’s industrialization and public service development.

Sinopec expands energy cooperation and environmental protection

The sustainability report documents Sinopec’s activities in oil and gas exploration, engineering services, refining, energy trade, and renewable energy. Sinopec is exploring wind and solar alternatives for oilfield operations in the Western Desert of Egypt through its partnership with Apache Corporation. At the Sinopec-Apache project in Egypt, gas flaring had been reduced by more than 60% by the end of 2025 through energy efficiency and gas recovery measures.

Additionally, Sinopec participates in five offshore exploration and development blocks in Angola and maintains long-term energy cooperation with Algeria. Its renewable energy activities include Ethiopia’s Adama Wind Power Project, which meets approximately 20% of the capital’s electricity demand, and a geothermal pipeline project that supports clean electricity generation in Kenya. Environmental initiatives include planting over 7,000 mangroves in Angola and deploying ultra-low-noise intelligent drilling rigs in Uganda which have reduced carbon emissions by more than 90% compared with conventional rigs.

Continued investment in communities and cultural exchange

Sinopec’s community programs focus on employment, vocational training, education, healthcare, and infrastructure. A welding training initiative in Uganda has equipped 60 local workers with internationally recognized certifications. Across Africa, the Company has helped with the construction of more than 70 water supply plants and installation of over 4,300 kilometers of water pipelines.

In Egypt, an education-assistance initiative has supported the construction of 201 girls’ schools, providing educational opportunities for over 15,000 students. Cultural exchange programs include the “Silk Road Book House – China Bookshelf” initiative in Egypt, Algeria, and Cameroon, as well as cultural exchange activities for young people.

Sinopec launches WE17

The event also saw the introduction of Sinopec’s global sustainability communication brand, WE17, under the slogan “Together for Better.” It is aligned with the United Nations’ 17 Sustainable Development Goals and focuses on the three themes of Clean, which represents environmental responsibility, Care, which emphasizes community well-being, and Culture, which promotes cross-cultural exchange.

Approximately 100 representatives from government, business, academia, and the media attended the event.

For more information, visit SINOPEC’s official website.

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SOURCE SINOPEC

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