Corporate affairs head Zaimi Harun said Petron Malaysia would announce more exciting news, programmes and partnerships in the coming year.
KUALA LUMPUR: Petron Malaysia Refining & Marketing Bhd
registered a higher net profit of RM92.4mil in the second quarter ended June 30, 2018 compared with RM90.9mil in the same period last year.
Petron said despite its gross profit increasing by 27% to RM158mil, net income remained the same as it recorded one-time gains on compulsory acquisitions of service stations by the government.
Its revenue for the quarter surged 29.4% to RM3.12bil against RM2.41bil previously, largely due to higher oil prices and sustained growth in sales volume.
Its total sales volume for the period reached 9.1 million barrels, a 7% increase from 8.5 million barrels last year.
Dated Brent crude, meanwhile, also increased to average US$74 per barrel versus US$50 a barrel over the period.
For the first half of 2018, revenues hit RM5.85bil compared to last year’s RM4.97bil as sales volumes increased by 6% to 17.8 million barrels.
Net profit, however, was lower at RM164.54mil compared with RM199.53mil over the same period in 2017 mainly due to lower refining margins as the price differentials between Brent crude and finished products narrowed during the period.
“We continue to see strong demand and preference for Petron’s premium products and services underscored by higher sales volumes. We are focused on expanding our presence and thrive in this highly competitive market through elevating service excellence and offering more innovative products,” Petron chairman Ramon S. Ang said in a statement.
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