KUALA LUMPUR, May 27 — Petronas Chemicals Group Bhd’s net profit jumped to RM1.46 billion in the first quarter ended March 31, 2021 from RM506.0 million in 1Q20, largely due to improvements in both crude oil and petrochemicals prices, boosted by global demand recovery.
In addition to improved crude oil price, average product prices moved upward, higher than expected, by 20 per cent to 30 per cent due to tight supply of products stemming from winter storms in the United States in February, he added. “Given the healthy demand for our products, we are optimistic for a better performance in 2021. However, given the resurgence of Covid-19, we will remain vigilant of changes in the market,” said Sazali.
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