PetChem posts record quarter on price recovery

Petronas Chemicals managing director and chief executive officer Datuk Sazali Hamzah

KUALA LUMPUR: Petronas Chemicals Group Bhd (PetChem) recorded its highest-ever quarterly earnings of RM1.86bil in the second quarter ended June 30, 2021, representing a nine-fold increase over the RM186mil recorded in the previous corresponding quarter on the back of crude oil price recovery.

The group’s revenue was 76% higher year-on-year (y-o-y) to RM5.6bil due to the product prices growing in tandem with crude prices.