Petronas Chemicals Bhd registered the highest net money inflow of RM9.47mil last week.
KUALA LUMPUR: Petronas Chemicals Group Bhd
's (PetChem) net profit increased by 37.6% to RM1.257bil in the third quarter ended Sept 30, 2018 from RM913mil a year ago, underpinned by higher revenue, supported by lower tax expenses and higher interest income.
In an announcement to Bursa Malaysia on Friday it said its revenue rose 20.3% to RM4.83bil from RM4.01bil due to higher product prices, partially offset by lower sales volumes and the strengthening of the Ringgit against US Dollar. Its earnings per share increased to 16 sen from 11 sen.
Earnings before interest, tax, depreciation and amortisation (Ebitda) rose by 14% to RM1.6bil following higher revenue.
For the nine months ended Sept 30, its net profit rose by 16.4% to RM3.69bil from RM3.17bil in the previous corresponding period. Its revenue rose by 14.6% to RM14.51bil from RM12.66bil.
Q3 financial performance
Olefin and derivatives
“The segment recorded higher plant utilisation of 96% compared to 82% in the corresponding quarter, primarily contributed by lower statutory turnaround at its cracker and related downstream facilities. Production and sales volumes
increased in line with the higher plant utilisation,” Petronas Chemical said.
It said average product prices for the segment also improved due to the strengthening of crude oil price.
Plant utilisation for fertilisers and menthol was lower at 69% compared to a yar ago mainly due to higher level of statutory turnaround activities undertaken at its urea and methanol plants.
“Average product prices improved across all products as crude oil price increased,” it said.
PetChem said revenue increased by 20% to RM3.2bil mainly driven by higher product prices and volumes, partially negated by the strengthening of ringgit against the US Dollar.
The segment achieved higher Ebitda by 13% at RM965mil. Profit after tax also increased by 27% to RM743mil.
Fertilisers and Methanol
Plant utilisation was lower at 69% compared to a year ago mainly due to higher level of statutory turnaround activities undertaken at its urea and methanol plants. Hence, the segment recorded lower production and sales volumes.
Average product prices improved across all products as crude oil price increased.
The segment's revenue rose by 20% at RM1.7bil mainly due to higher product prices, despite lower sales volumes and the strengthening of ringgit Malaysia against US Dollar.
Following the higher revenue, Ebitda increased by 15% to RM688mil. Profit after tax increased by or 34% to RM496mil.
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