KUALA LUMPUR: Petronas Chemicals Group Bhd
's (PChem) earnings more than doubled in the second quarter ended June 30,2017, to RM964mil from a year ago. It declared a dividend of 12 sen per share.
The company announced on Thursday the jump was mainly attributed to the commencement of commercial operations at the Sabah ammonia and urea (Samur) plant in May this year.
Revenue rose RM757mil or 24% year-on-year (y-o-y) to RM3.96bil owing to higher sales volumes, prices and a stronger US dollar.
In the olefins and derivatives segment, average product prices strengthened by 6% owing to recovering crude oil prices, and sales volume was higher with inventory drawdown, translating into a revenue increase of RM403mil or 19% to RM2.5bil.
In the fertiliser and methanol segment, average product prices rose 5% and coupled with higher volumes attributed to Samur, saw revenue jump RM353mil or 32% y-o-y to RM1.4bil.
Group plan utilisation was lower at 90% (89% excluding Samur) compared to 99% in the preceding quarter, owing to statutory turnaround and maintenance activities.
Year-to-date, the group has recorded earnings of RM2.25bil, a 114% jump over the first half of last year.
Net assets per share stood at RM3.47. At midday, the counter was unchanged at RM7.01.
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