Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (May 15): Petronas Chemicals Group Bhd's first quarter net profit rose 120% to RM1.3 billion from a year earlier as revenue grew on higher output, sales volume and product prices.

Petronas Chemicals manufactures olefins, fertilisers and methanol.

In a statement to Bursa Malaysia today, Petronas Chemicals said net profit rose to RM1.3 billion from RM592 million, while revenue climbed to RM4.7 billion from RM3.15 billion.

"The group achieved exceptional operational performance with higher plant utilisation of 99% compared to 92% in the corresponding quarter on the back of improved plant reliability and higher feedstock supply.

"Consequently, both production and sales volumes were higher. Overall average product prices improved significantly compared to the corresponding quarter by an average of 22%. As a result of higher sales volume, higher prices and stronger US dollar, group revenue grew by RM1.5 billion or 49% to RM4.7 billion," Petronas Chemicals said.

Looking ahead, Petronas Chemicals said it expected its operations to be influenced by factors including crude oil prices and the company's production facilities' utilisation rates.

"The utilisation of our production facilities is dependent on plant maintenance activities and sufficient availability of feedstock as well as utilities supply. The group will continue with its operational excellence programme and supplier relationship management to sustain plant utilisation level at above industry benchmark, albeit slightly lower than 2016 due to higher statutory turnarounds planned," Petronas Chemicals said.

At Bursa Malaysia today, Petronas Chemicals shares fell 11 sen or 1.52% at 12:30pm to settle at RM7.12 for a market value of RM56.88 billion.

The stock saw some six million shares traded.

 

      Print
      Text Size
      Share