Petronas Chemicals 1Q net earnings triple to RM1.47bil on demand recovery

Petronas Chemicals managing director/CEO Datuk Sazali Hamzah

KUALA LUMPUR: Petronas Chemicals Group Bhd recorded a surge in net earnings to RM1.47bil in the first quarter ended March 31, 2021, from RM506mil in the previous corresponding quarter as crude oil and petrochemicals prices were boosted by global demand recovery and supply disruptions.

Revenue for the quarter jumped 20% to RM4.7bil on the back of a significant increase in average product prices due to high demand and a tight supply environment, it said in a statement accompanying its results.