After Petronas Dagangan reported a solid performance, the other big earning result anticipated is from Petronas Chemical Group which released its financial earnings for the quarter and full year.
The group recorded a higher plant utilisation rate of 100% as compared to 89% in the corresponding quarter mainly due to lower statutory turnaround and plant maintenance activities resulting in higher production and sales volumes. Q4 revenue was higher by RM1.7 billion or 25% at RM8.7 billion largely due to revenue contribution from Perstorp following its acquisition in October 2022, the weakening of Ringgit Malaysia against US Dollar, and higher sales volumes, partially offset by lower product prices.
EBITDA was lower by RM586 million or 25% at RM1.7 billion mainly due to compressed margin. Profit after tax decreased by RM1.6 billion or 76% at RM484 million in line with lower EBITDA, higher foreign exchange loss on revaluation of loans to a joint operation company and of a subsidiary, lower share of profit from joint ventures & associates and earn out costs arising from acquisition of BRB Group in 2019.
For the full year 2022, PCG Group recorded a lower plant utilisation rate of 89% as compared to 93% in the corresponding year mainly due to higher plant statutory turnaround and maintenance activities resulting in lower production and sales
volumes. Revenue was higher by RM5.9 billion or 26% at RM29 billion largely due to higher product prices, the weakening
of the Ringgit Malaysia against the US Dollar, and revenue contribution from Perstorp following its acquisition in October 2022, partially offset by lower sales volumes.
EBITDA was lower by RM198 million or 2% at RM8.1 billion mainly due to higher operating expenditure. Profit after tax decreased by RM993 million or 14% at RM6.3 billion in tandem with lower EBITDA and share of profit from joint ventures and associates.
