Petron profit more than doubles

KUALA LUMPUR: Petron Malaysia Refining & Marketing Bhd’s net profit more than doubled to RM106.07 million in the third quarter ended September 30 from RM46.79 million previously.

Petron’s revenue improved 40.4 per cent year-on-year to RM2.56 billion from RM1.82 billion, mainly due to higher oil prices.

Total sales volume hit nine million barrels, or 15 per cent higher than the 7.8 million barrels last year, it said in a filing to Bursa Malaysia yesterday.

“Dated Brent averaged US$52 (RM213.72) a barrel during the quarter, compared with US$46 in the same period last year. Brent crude reached US$56 in September, up by almost US$10 a barrel, from the June level compared with the range-bound movement during the same period last year.

“As oil prices rose, the price differentials between finished products and crude also widened that further improved the company’s margins,” it added.

For the nine months, Petron’s net profit surged to RM305.61 million, or 144.6 per cent higher than RM124.93 million a year ago. Revenue jumped 41.7 per cent to RM7.53 billion from RM5.31 billion.

In a separate statement, Petron chairman Ramon S. Ang said it was confident of a strong full-year performance.

“We are confident that we will end the year on a high note as we remain focused on expanding our retail presence, improving operational efficiencies, and enhancing our customers’ experience. Our efforts to further grow the business are in full swing, moving us closer towards our long-term goal of being a leading player in Malaysia,” he added.