KUALA LUMPUR (May 26): Petron Malaysia Refining & Marketing Bhd’s (PetronM) net profit in the first quarter ended March 31 (1QFY22) edged slightly higher by 3.28% to RM106.38 million, compared to RM103 million a year earlier, underpinned by strong sales performance, favourable product prices and refining margins. 

Earnings per share came in higher to 39.40 sen from 38.10 sen, its Bursa Malaysia filing showed on Thursday (May 26).

Meanwhile, 1QFY22 revenue jumped by 89.95% to RM3.80 billion from RM2.01 billion, as prices of finished petroleum products rose amid demand recovery. 

On a quarterly basis, the group’s net profit increased by 75.74% from RM60.53 million reported in the immediate preceding quarter (4QFY21), while revenue leaped by 28.38% from RM2.96 billion in 4QFY21.

Moving forward, the group believes it will be able to navigate the challenging environment, backed by its strong business fundamentals, towards achieving its commitment for a sustainable long term growth and value to its shareholders.

“The country’s continuing efforts to move towards an endemic phase through relaxation of restrictions on business and social activities has revitalized domestic fuel consumption. 

“Despite the uncertainties posed by volatility in the oil market and the potential Covid-19 resurgence, the company remains steadfast,” it shared. 

Shares in PetronM settled 13 sen or 2% lower to RM6.38 on Thursday (May 26), giving it a market capitalisation of RM1.72 billion.