PETRON MALAYSIA POSTS RM69.71 MLN 1Q NET PROFIT

KUALA LUMPUR, May 23 (Bernama) -- Petron Malaysia Refining and Marketing Bhd posted a lower net profit of RM69.71 million in the first quarter ended March 31, 2024 (1Q 2024) from RM108.73 million in the year-ago period.

Revenue, however, rose 22 per cent to RM4.65 billion from RM3.82 billion previously, supported by sales volume growth coupled with higher oil prices, the company said in a filing with Bursa Malaysia today.

The total sales volume in 1Q 2024 of 9.8 million barrels was 18 per cent higher than the 8.3 million barrels sold in the same period last year.

“Sales volume was buoyed by continued growth in domestic demand supported by higher refinery production and ongoing network expansion programme,” Petron Malaysia said.

It noted that the benchmark Brent crude oil prices increased to US$83 per barrel average during 1Q 2024 was slightly higher than US$81 per barrel average for the same period last year due to the escalating geopolitical tension in the Middle East and Eastern Europe.

“Nevertheless, the company said the prices may be tempered by subdued oil demand as global economic growth remains fragile with major economies still grappling with high interest rates that temper business and consumer sentiments.

“Overall, the company still expects price volatility to persist this year,” it said.

Moving forward, Petron Malaysia remains committed to pursuing sustainable growth through investments in retail network expansion, supply chain optimisation and sustainability initiatives despite the uncertainties arising from continued oil market volatility, 

-- BERNAMA