KUALA LUMPUR, May 27 (Bernama) — PETRONAS Chemicals Group Berhad (PCG) recorded a jump in profit after tax to RM1.5 billion in the first quarter of 2021 (1Q 2021), triple the Group’s earnings in 1Q 2020 and 4Q 2020. The substantially strong performance is largely attributed to improvements in both crude oil and petrochemicals prices boosted by global demand recovery and supply disruptions.
Key highlights 1Q 2021 vs 1Q 2020
• Revenue increased 20% to RM4.7 billion on the back of significant increase in average product prices, underpinned by high demand and tight supply environment.
• The resulting higher product spreads lifted Earnings Before Interest, Taxation, Depreciation and Amortisation (EBITDA) margin to 36% (1Q 2020: 20%).• EBITDA increased to RM1.7 billion (1Q 2020: RM764 million) in line with improved margin. Profit after Tax (PAT) tripled to RM1.5 billion (1Q 2020: RM493 million).• Operations remained strong during 1Q 2021 with sales volume comparable to 1Q 2020 and plant utilisation rate of 90% (1Q 2020: 94%) due to heavy plant maintenance and statutory turnaround activities.
