KUALA LUMPUR: Petron Malaysia Refining & Marketing Bhd (PMRMB) posted a 3.3% improvement in net profit to RM106.4mil in the first quarter ended March 31, from RM103mil a year earlier.
Its revenue surged 90% to RM3.8bil from RM2bil a year prior.
In a statement, PMRMB said it regained significant volumes, resulting in a 13% improvement in sales to 7.7 million barrels for the quarter compared to 6.8 million barrels last year.
Dated Brent crude marked its highest quarterly average in the last eight years at US$101 per barrel in the first quarter, 66% higher than in the same period last year, due to supply concerns caused by the ongoing conflict between Russia and Ukraine.
The company also started to fully enjoy cost savings and operating efficiencies from its recently completed diesel hydrotreater and product import facilities.
Its operating income for the quarter amounted to RM189mil, up 38% from last year’s RM137mil.
Meanwhile, non-operating charges increased by about 53%, largely traced to the temporary mark-to-market provision for its commodity hedges.
“We are confident that Petron Malaysia can sustain its strong momentum alongside the country’s continuing economic rebound.
“Despite the risks posed by volatile global oil prices, our business fundamentals and prudent risk management measures remain sturdy. These are key to helping us navigate the challenging environment while keeping us on the path to complete recovery and growth,” PMRMB chairman Ramon S. Ang said.
“But just like what we always say, our pursuit of success goes beyond our business goals. We will continue to drive more initiatives towards resilience and sustainable growth to contribute to economic progress, environmental preservation, social development, and good governance,” he added.