Sinopec Shanghai Petrochemical (HKG:0338, SHA:600688) expects to return to profit in 2024, estimating a net profit attributable to shareholders of between 253 million yuan and 379 million yuan, according to a Hong Kong Stock Exchange filing on Jan. 24.

The Chinese petrochemical company attributed the forecast to increased demand, bringing its products' gross profits upward, while international oil prices oscillated, the filing said.

The company recorded an attributable loss of 1.41 billion yuan or 0.13 yuan per share in the previous year.

Sinopec's Hong Kong shares jumped over 4% and Shanghai shares rose more than 2% in recent trade.