PCG’s third quarter net profit fell 3 percent

PETALING JAYA: Petronas Chemicals Group Berhad (PCG) recorded a three percent decline in profit after tax (PAT) to RM1.9 billion in the third quarter of the financial year ending 31 December 2022 compared to RM2 billion recorded for the same period the previous year.

It is in line with lower margins and less contribution from joint ventures and associates.

However, PCB recorded a 22 percent increase in revenue to RM7 billion in the quarter under review compared to RM5.8 billion in the same quarter last year, driven by higher product prices following a strong United States (US) dollar, coupled with increased sales volume.

Earnings before interest, taxation, depreciation and amortization (EBITDA) on the other hand decreased by seven percent to RM2 billion compared to RM2.1 billion in 2021 due to lower product spread.

EBITDA margin decreased to 28 percent in the quarter compared to 37 percent in the third quarter of 2021.

For the first nine months, group revenue increased by 26 percent to RM20.2 billion, while PAT increased by 11 percent to RM5.8 billion, compared to the same period in 2021.

Managing Director and Chief Executive Officer, Ir. Mohd. Yusri Mohamed Yusof said product prices remained high in the first quarter with the support of high crude oil and energy prices, although lower than in the second quarter of 2022.

He said total production and sales also improved in this quarter with the company’s plant utilization rate having increased by 97 percent from 72 percent in the second quarter.

“It is estimated that 70 percent of the total production of PCG is exported to the Asia Pacific region, of which Southeast Asia comprises about 40 percent.

“Although the strengthening of the value of the US dollar helped to increase income, we faced margin pressure due to higher operating costs,” he said. – MESSENGER

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