Petron records 3Q net profit of RM33mil

Petron Malaysia chairman Ramon S. Ang

KUALA LUMPUR: Petron Malaysia Refining & Marketing Bhd posted a net profit of RM32.9mil in the third quarter ended Sept 30, against RM97.64mil a year ago.

Its revenue for the quarter jumped 30.2% to RM2.19bil from RM1.68bil last year.

During the quarter, Petron Malaysia’s sales volume dropped by 21% to 6.1 million barrels from the 7.7 million barrels sold during the same quarter last year.

On the other hand, recovering global oil demand amid tightened supply raised prices of Dated Brent crude oil by 71% to average US$74 per barrel in the third quarter compared to US$43 per barrel last year.

In the first nine months to Sept 30, Petron Malaysia, posted a net profit of RM178mil, a complete turnaround from the RM55mil net loss incurred in the same period last year.

Revenue for the period jumped 25.7% to RM6.22bil against RM4.94mil last year.

In a statement, Petron Malaysia said its margins have improved from the sustained upturn in fuel prices coupled with the company’s cost management and efficiency improvement program.

“We applaud the government’s successful Covid-19 Immunisation Programme which led to the relaxation of travel restrictions and gradual reopening of economic sectors.

“With this, we are confident that our company will benefit from the country’s continuing economic recovery as we set our sights on launching more programs that will help increase our sales volume and sustain our strong financial results,” Petron Malaysia chairman Ramon S. Ang said.

He said the company together with its sister companies continued to expand its retail network with the opening of eight new service stations in the first nine months.