Petronas Chemicals’ Q3 net profit fell to RM1.9 bln, but earnings rose 22%

KUALA LUMPUR, Nov. 25 (Bernama) — Petronas Chemicals Group Bhd (PetChem)’s net profit for the third quarter ended 30 September 2022 (Q3 2022) increased to RM19.6 compared to the same period last year. billion to RM1.90 billion. This was due to softening margins and reduced contributions from joint ventures and affiliates.

However, its revenue increased by 22% to RM7.03 billion from its previous RM5.77 billion. This is due to higher average product prices due to the stronger US dollar and improved production and sales volumes.

On a cumulative 9 months basis, revenue increased by 26% to RM2.025 billion and net profit increased by 11% to RM5.84 billion.

Managing Director and Chief Executive Officer Mohd Yusri Mohamed Yusof said product prices continued to rise in the third quarter, albeit lower than in the second quarter, supported by higher oil and energy prices.

He noted that factory utilization improved from 72% in the second quarter to 97%, and production and sales volumes improved during the fourth quarter. About 70% of PCG production is exported within the Asia-Pacific region, with Southeast Asia accounting for about 40%.

“While the stronger US dollar has increased our revenues, we have faced lower margins as a result of higher operating costs.

“Demand for polymer products in particular has softened as energy costs continue to rise amid prolonged COVID-19 lockdowns across China,” he said in a statement.

“Having fallen to 2021 levels in recent weeks, olefins and derivatives prices are expected to soften further until restrictions are eased in China.

“However, urea prices remain high between $550 per metric ton ($1 = RM4.46) and $700 per metric ton as energy prices remain elevated due to the ongoing Russo-Ukrainian war. is expected,” he added.

— Bernama

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