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
’s (PMRMB) net profit fell by 20.2% to RM57.5mil in the first quarter ended March 31, 2019 against RM72.1mil in the same period last year, largely due to unrealised commodity loss this year.
The refiner posted a slight increase in revenues in the first quarter of 2019 to RM2.75bil from RM2.73bil in the same period last year mainly on higher sales volume.
“We will continue with our strategic programmes aimed at growing the business and strengthening our position in the industry. We remain focused on delivering stronger results by enhancing our products and services, increasing our network, and improving our plant and facility capabilities,” PMRMB chairman Ramon S. Ang said in a statement.
PMRMB said sales volume grew 6% fuelled by the company’s strong retail performance from higher industry demand supported by its continuing retail network expansion.
Together with its sister companies under the Petron Malaysia Group, PMRMB has over 650 service stations nationwide, opening 10 new stations in the first quarter alone.
The expansion in retail was complemented by the roll-out of new marketing campaigns promoting its high-quality fuels such as Blaze 100 Euro 4M and Turbo Diesel Euro 5.
The company also strengthened its Petron Miles Card programme as it partnered with other leading brands including its most recent collaboration with Marvel Studios.
Gross profit improved by 24% to RM143mil due to the increase in sales volume despite declining refining margins in the region. Though Dated Brent averaged 6% lower during the quarter compared to the same period in 2018, from US$67 to US$63 per barrel, product cracks decreased significantly by US$4 per barrel.
“While oil prices recovered gradually during the first quarter, the company remains cautions given the continued volatility in the global market as well as separate pressures from the challenges at the domestic front,,” PMRMB said in the notes accompanying its financial results.
PMRMB added that the outcome of Opec supply cuts, trade sanction and US-China trade wars will continue to significantly influence oil price and demand.
“Despite these challenges, the company is committed to continue embarking on various strategic programs such as network expansion, plant and facility improvements and supply chain enhancement to improve sales volume and market presence,” PMRMB said.
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