KUALA LUMPUR (Feb 25): Petronas Chemicals Group Bhd (PetChem)'s net profit for the fourth quarter ended Dec 31, 2018 (4QFY18) rose to RM1.29 billion from RM1.01 billion a year earlier, on the back of higher revenue.

In a filing to Bursa Malaysia today, PetChem said revenue for the quarter rose to RM5.06 billion from RM4.74 billion previously, driven by higher sales volumes and the weakening of the ringgit against US dollar.

PetChem declared a second interim dividend of 18 sen per share totalling RM1.44 billion, to be paid on March 27.

For the financial year ended Dec 31 (FY18), PetChem racked up a net profit of RM4.98 billion, up from RM4.18 billion in FY17, on the back of revenue of RM19.58 billion versus RM17.41 billion a year earlier.

On its prospects, PetChem said its operations are expected to be mainly influenced by global economic conditions, foreign exchange rate movements, utilisation rate of its production facilities and petrochemical products prices which have a high correlation to crude oil price, particularly for the olefins and derivatives segment.

"The group will continue with its operational excellence programme and supplier relationship management to sustain plant utilisation level at above industry benchmark," it said.