PCG Reports RM762 Million Loss After Tax In 3Q 2024 Due To Unrealised Forex Loss

KUALA LUMPUR, Nov 20 (Bernama) -- PETRONAS Chemicals Group Berhad (PCG) recorded Loss After Tax (LAT) of RM762 million for its third quarter in the Financial Year Ending 31 December 2024 (3Q 2024). The LAT was mainly driven by unrealised forex loss on the revaluation of payables at Pengerang Petrochemical Company Sdn. Bhd. (PPC) and the revaluation of shareholders loan to PPC. During the quarter, US Dollar weakened against Ringgit Malaysia from 4.721 on 30 June 2024 to 4.107 on 30 September 2024. Excluding the impact of forex loss, the Group Profit After Tax (PAT) is estimated at RM352 million.

PPC is a 50:50 joint-venture company between PCG and Saudi Aramco located within the Pengerang Integrated Complex (PIC) in Johor. The complex consists of 4 polymers and a glycols plant with a total design capacity of 3.0 million metric tonnes per annum. The facilities completed the performance test runs in 3Q 2024 ahead of its commercial operation targeted by the end of 2024. PPC is a USD functional currency company and the recent weakening of USD against RM resulted in unrealised forex loss on revaluation of payables of RM536 million, recorded in PCG. Additionally, PCG provided a USD denominated shareholders loan to PPC which was also exposed to unrealised forex loss of RM492 million due to the unfavorable forex movement. Including forex losses from other operations of RM86 million, total forex loss in 3Q 2024 is RM1.1 billion.