KUALA LUMPUR, Aug 19 (Bernama) — PETRONAS Chemicals Group Berhad (PCG) maintained profitability in 1H 2020 despite global challenges brought on by COVID-19 and the OPEC+ fallout. The Group registered 6-months Profit after Tax (PAT) of RM678 million, during the period which saw lockdowns across the world and collapse of crude oil prices.
PCG’s agility in responding to the current environment due to the pandemic has enabled the Company to sustain strong operational performance in 1H 2020, achieving plant utilisation rate and sales volume at levels comparable to 1H 2019. The depressed petrochemical product prices and prolonged industry downcycle, aggravated by uncertain economic outlook, however, imposed pressure on profit margin.