KUALA LUMPUR, Nov 19 (Bernama) — PETRONAS Chemicals Group Berhad (PCG) registered profit after tax of RM1.1 billion for the nine-month period ended 30 September 2020, on the back of strong operational performance amid post-lockdown recovery. Rebounding from historical lows in 2Q2020, petrochemicals product prices were sequentially lifted by an upturn in global manufacturing and subsequent improvement in crude oil prices, easing pressure on profit margins.
Key highlights YTD 3Q2020 vs YTD 3Q2019
• Strong operational performance maintained as the Group saw improved production volume and recorded higher plant utilisation rate of 95%.
• Revenue remained healthy at RM10.5 billion albeit a decrease of 13% year-on-year largely due to lower product prices, contributed by weaker crude oil prices coupled with soft demand for petrochemicals and high level of supply volumes.