Petron Malaysia to enhance operational efficiencies

KUALA LUMPUR: Petron Malaysia Refining & Marketing Bhd’s focus remains on minimising risks, managing its resources, and enhancing efficiencies to navigate through the challenging business environment, according to chairman Ramon S.Ang.

“We plan to follow through with our strategic programs as we pursue our retail and logistical expansion efforts to capitalize on new growth opportunities,’’ he said in a statement.

Petron is also embarking on various initiatives to reduce its carbon footprint including using renewable solar energy for its service station operations and reducing energy usage and emissions in its supply chain.

In the third quarter ended Sept 30, Petron posted a net profit of RM32.1mil, or earnings per share of 11.90 sen against RM32.9mil, or 12.20 sen in the same quarter last year.

Its revenue more than doubled to RM4.7bil from RM2.2bil achieved in the year prior.

During the third quarter, Petron’s sales volume reached 8.6 million barrels, surpassing last year’s 6.1 million barrels by 41%.

The company’s retail business grew by 68% compared to the same quarter of 2021, exceeding its pre-pandemic volume by 14%.

This brings Petron’s sales volume for the first nine months to 25 million barrels, 30% higher than in the same period last year due to an increase in sales volume.

Petron said dated Brent averaged US$101 per barrel in the third quarter, 11% lower from its second quarter level mainly due to the global inflationary pressures raising recession fears.

In the first nine months, Petron’s revenues of RM14.1bil was more than twice the RM6.2bil generated a year earlier.

Operating income for the first nine months stood at RM364mil, 32% higher than the RM275mil while net income leaped by 80% to RM322mil from the same period last year.

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