KUALA LUMPUR: Petron Malaysia Refining & Marketing Bhd
’s (Petron Malaysia) net profit for the financial year 2022 (FY2022) improved 26 per cent to RM300.59 million, driven in part by "the utilisation of income tax incentives from its diesel hydrotreater investment.”
Revenue increased two-fold to RM18.35 billion, buoyed by growth in volume and elevated oil prices.
"For 2022, the company's sales volume grew by 28 per cent to 33.8 million barrels from 26.4 million barrels in 2021,” it said in a filing with Bursa Malaysia.
"Despite increased sales volume and higher refinery utilisation, the highly volatile oil market during the year caused prices to plunge in the second half of 2022,” it added.
For the fourth quarter ended Dec 31, 2022 (Q4 FY2022) Petron Malaysia posted a net loss of RM21.37 million from a net profit of RM60.53 million in the previous corresponding quarter.
Revenue, however, increased by 44 per cent to RM4.27 billion compared with RM2.96 billion reported in the same quarter of 2021, driven mainly by the elevated oil prices and higher sales volume.
On its current financial year prospects, Petron Malaysia said the group remains focused on mitigating the challenges in the oil industry while pursuing growth through investments like retail network expansion. - Bernama
