Petronas Chemicals 1Q net earnings triple to RM1.47bil on demand recovery

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KUALA LUMPUR: Petronas Chemicals Group Bhd recorded a surge in net earnings to RM1.47bil in the first quarter ended March 31, 2021, from RM506mil in the previous corresponding quarter as crude oil and petrochemicals prices were boosted by global demand recovery and supply disruptions.

Petronas Chemicals Group Bhd

Revenue for the quarter jumped 20% to RM4.7bil on the back of a significant increase in average product prices due to high demand and a tight supply environment, it said in a statement accompanying its results. "In addition to improved crude oil price, average product prices moved upward, higher than expected, by 20% to 30% due to tight supply of products stemming from the US winter storms in February.

He added that the group is optimistic over a better performance in 2021 but cautioned that product prices have begun to moderate as demand normalises.

 

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