Petronas Chemicals FY18 net profit jumps to RM4.98 bln
KUALA LUMPUR: Petronas Chemicals Group Bhd's (PCG) net profit for the financial year ended Dec 31, 2018 (FY18) jumped to RM4.98 billion from RM4.18 billion the preceding year.
Revenue soared 12 per cent to RM19.58 billion from RM17.41 billion previously 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 yesterday.
Basic earnings per share increased 62 sen from 52 sen before.
The group plant utilisation was at 92 per cent, slightly higher than 91 per cent in the previous year.
“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.
Moving forward, PCG said 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 added.
PCG has declared a second interim single-tier dividend of 18 sen per ordinary share, payable on March 27, 2019 to shareholders, on top of its first interim singletier dividend of 14 sen per share paid in Septeember last year. — Bernama