Petronas Chemicals fourth-quarter earnings improve on lower operating expenditure

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PETALING JAYA: Petronas Chemicals Group Bhd’s (PetChem) net profit for the fourth quarter ended Dec 31, 2020 rose 37% to RM466 million from RM340 mill...

: Petronas Chemicals Group Bhd’s net profit for the fourth quarter ended Dec 31, 2020 rose 37% to RM466 million from RM340 million a year ago in line with higher earnings before interst, tax, depreciation and amortisation , following lower operating expenditure.

PetChem recorded higher plant utilisation rate of 94% as compared to 89% in the corresponding quarter, mainly due to lower level of maintenance activities resulting in higher production volume. However, sales volume was lower due to inventory build-up for inventory management. For the full year period, PetChem’s net profit dropped 42% to RM1.63 billion from RM2.81 billion. while revenue was lower by 12% at RM14.36 billion against RM16.37 billion last year largely due to lower product prices.

It paid a first interim single-tier dividend of 5 sen per share, amounting to RM400 million in respect of the financial year ended Dec 31, 2020 to shareholders on Sept 25, 2020.

 

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