Petronas Chemical Rakes in Higher Revenue Of RM6.634 Billion In Q1 On The Back Of Improved Crude Oil Price

Petronas Chemical Group Bhd achieved a group pre-tax profit of 2.23 billion on the back of a turnover of RM6.634 billion for the first quarter 31, 2002 against a pre-tax profit of RM1.569 billion on the back of a turnover of RM4.675 billion previously.

In a Bursa filing, it said that the Revenue was higher by RM2.0 billion or 42% at RM6.6 billion largely due to higher product prices in tandem with the improved crude oil price and tight supply.

It said that the results of the Group’s operations are expected to be primarily influenced by global economic conditions, petrochemical products prices which have a high correlation to the crude oil price, particularly for the Olefins and Derivatives segment, utilisation rate of our production facilities, and foreign exchange rate movements.

It said that the utilisation of our production facilities is dependent on plant maintenance activities and sufficient availability of feedstock as well as utilities supply.

The company said that the Group will continue with its operational excellence programme and supplier relationship management to sustain plant utilisation level at the above industry benchmark. The COVID-19 pandemic continues to affect the global economy and the market will remain volatile.

 PCG will navigate market uncertainties by leveraging its operational and commercial excellence. The Group anticipates product prices for olefins and derivatives to remain stable amidst regional turnarounds. Fertiliser and methanol prices are expected to be moderate supported by steady demand.

Previous articleCypark RM550 Million SRI Sukuk Murabahah Receives AA3 Rating From RAM
Next articleOM Holdings Receive Shariah Compliant Classification From SC

LEAVE A REPLY

Please enter your comment!
Please enter your name here