KUALA LUMPUR, Aug 22 (Bernama) — PETRONAS Chemicals Group Berhad (PCG) recorded Profit After Tax (PAT) of RM633 million in 2Q 2023, sustaining its financial resilience amidst a challenging market environment.
The Group’s revenue declined 6% quarter-on-quarter to RM7.1 billion compared to RM7.6 billion in 1Q 2023 due to lower consumer and manufacturing demand as well as inflationary cost pressures. Average product prices and spreads continued to decline in 2Q 2023 in line with lower crude oil prices. Additionally, plant utilisation declined following feedstock supply disruption in methanol and urea plants in Labuan and Sabah respectively, resulting in lower production and sales volumes.
