KUALA LUMPUR: Petron Malaysia Refining & Marketing Bhd, which posted a net profit of RM108.7mil in the first quarter ended March 31 (1Q23), will continue to leverage on its strengths and work on sustaining this positive momentum.
“We are pleased to deliver a strong performance at the start of the year. Despite volatilities in the market, our growth and risk management mindset has allowed us to adapt and even thrive amid this constantly changing business landscape,” chairman Ramon S.Ang said in a statement.
Petron’s net profit in 1Q23 was 2.2% higher than the RM106.4mil posted in the corresponding quarter last year.
Earnings per share for the quarter rose to 40.30 from 39.40 a year prior.
Revenue rose marginally to RM3.82bil against RM3.8bil previously as it grew its domestic volumes by 13% amid the continued softening of prices.
Petron said benchmark Dated Brent crude dipped by about 20% averaging US$81 per barrel in the first quarter compared to US$101 per barrel in the same period last year.
Oil prices were weighed down by market pressures from heightened global recession fears, it added.