KUALA LUMPUR – Petron Malaysia Refining & Marketing Bhd (PMRMB) opened 2023 on a promising note with a net profit of RM109 million in the first quarter, slightly exceeding last year by 3%.
PMRMB retained its revenues for the quarter at RM3.8 billion as it grew its domestic volumes by 13% amid the continued softening of prices. The Company, through the Petron Group’s steady network expansion program, captured the encouraging demand growth in the retail sector.
Benchmark Dated Brent crude dipped by about 20% averaging US$81 per barrel in the first quarter compared to $101 per barrel in the same period last year. Oil prices were weighed down by market pressures from heightened global recession fears.
The resulting gross profit of RM177 million was 26% lower largely due to the decline in crude prices compared to last year, partly compensated by stable regional refining margins that prevailed during the period. The company recorded mark-to-market valuation gains on commodities closing the quarter with an overall improvement in its net profit.
“We are pleased to deliver a strong performance at the start of the year. Despite volatilities in the market, our growth and risk management mindset has allowed us to adapt and even thrive amid this constantly changing business landscape. We will continue to leverage on our strengths and work on sustaining this positive momentum,” said PMRMB Chairman Ramon S. Ang.
The company and its business partners acknowledge the need to balance its financial objectives with responsible environment and social programs. Initiatives are in place to enhance operational and energy efficiency at the Refinery and to promote renewable energy utilization, including installing solar panels at its facilities as well as putting up another palm oil based biodiesel plant. Majority of Petron service station dealers, meanwhile, provided customers with free pre-packed food for iftar throughout Ramadhan.