Petronas Chemicals sustains 99 per cent plant utilisation

Posted on : 16-05-2017 | By : sabah today | In : National Business

KUALA LUMPUR– Petronas Chemicals Group Bhd (PCG) reported a 99 per cent plant utilisation (PU) rate in the opening quarter of this year.
In a statement today, PCG said the sustained PU rate, which far surpassed the world-class benchmark, bore testimony to the ongoing efforts in ensuring high plant reliability and stable feed stock supply.
“During the quarter, crude oil prices were seen to firm up, lending support for firmer petrochemical product prices amidst improved demand and tight supply.
“Against this backdrop, the company closed the quarter with a revenue of RM4.7 billion, an increase of 49 per cent compared to the corresponding quarter,” it said.
PCG said revenue growth was mainly driven by a 16 per cent increase in sales volume and better product prices, supported by favourable foreign exchange.
The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA), surged 69 per cent to RM1.9 billion compared to the corresponding quarter, anchored on the margin maximisation initiative which delivered higher product spread coupled with lower unit costs.
EBITDA margin rose from 36 per cent to 41 per cent, while profit after taxation more than doubled to RM1.4 billion.
“PCG posted a strong beat on earnings leveraging on strong operational and commercial excellence.
“Our sustained performance is underpinned by our commitment to health, safety and environment practices,” said Managing Director/ Chief Executive Officer, Datuk Sazali Hamzah.
He also said despite an improvement in crude oil prices, petrochemical prices was forecast to remain volatile.
SOURCE– BERNAMA

KUALA LUMPUR– Petronas Chemicals Group Bhd (PCG) reported a 99 per cent plant utilisation (PU) rate in the opening quarter of this year.

In a statement today, PCG said the sustained PU rate, which far surpassed the world-class benchmark, bore testimony to the ongoing efforts in ensuring high plant reliability and stable feed stock supply.

“During the quarter, crude oil prices were seen to firm up, lending support for firmer petrochemical product prices amidst improved demand and tight supply.

“Against this backdrop, the company closed the quarter with a revenue of RM4.7 billion, an increase of 49 per cent compared to the corresponding quarter,” it said.

PCG said revenue growth was mainly driven by a 16 per cent increase in sales volume and better product prices, supported by favourable foreign exchange.

The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA), surged 69 per cent to RM1.9 billion compared to the corresponding quarter, anchored on the margin maximisation initiative which delivered higher product spread coupled with lower unit costs.

EBITDA margin rose from 36 per cent to 41 per cent, while profit after taxation more than doubled to RM1.4 billion.

“PCG posted a strong beat on earnings leveraging on strong operational and commercial excellence.

“Our sustained performance is underpinned by our commitment to health, safety and environment practices,” said Managing Director/ Chief Executive Officer, Datuk Sazali Hamzah.

He also said despite an improvement in crude oil prices, petrochemical prices was forecast to remain volatile.

SOURCE– BERNAMA

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