KUALA LUMPUR — Feb. 25, 2019: Petronas Chemicals Group’s (PCG) net profit for last year jumped to RM4.98 billion from RM4.18 billion the year before.
Revenue soared 12 per cent to RM19.58 billion on the back of higher product prices and sales volumes, partially offset by the strengthening of the ringgit against the US dollar, it said in a filing with Bursa Malaysia today.
Basic earnings per share increased 62 sen from 52 sen.
Production and sales volumes were higher, largely contributed by urea production from Petronas Chemicals Fertiliser Sabah Sdn. Bhd. which commenced commercial operations in May 2017.
Overall average product prices were higher than the corresponding year in tandem with the higher crude oil prices, said PCG.
The results of the group’s operations are expected to be primarily influenced by global economic conditions, foreign exchange rate movements, utilisation rate of production facilities and petrochemical products prices, which have a high correlation to crude oil prices, particularly for the olefins and derivatives segment.
“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 levels at above the industry benchmark,” it said.
PCG has declared a second interim single-tier dividend of 18 sen per ordinary share payable on March 27 on top of its first interim single-tier dividend of 14 sen in September last year. — Bernama