Petron’s FY18 net profit falls to RM224.5m

, Feb 21 — Petron Refining & Marketing Bhd’s (Petron) net profit fell to RM224.5 million in the ended Dec 31, 2018 (FY18) from RM405.18 million in the previous year.

Revenue, however, increased by 16 per cent to RM12.04 billion from RM10.36 billion, buoyed by higher international prices and steady growth in sales volume.

In a filing with Bursa Malaysia, Petron said total sales volume grew two per cent to 35.5 million barrels in 2018 from 34.9 million barrels previously.

In a separate statement, Petron Malaysia attributed the positive trend in retail sales to higher demand for high-performance fuels such as the Blaze 100 Euro 4M and Turbo Diesel Euro 5 which was complemented by a more rewarding Petron Miles loyalty card program.

Meanwhile, in the fourth quarter of FY18, Petron Malaysia recorded a net loss of RM25.54 million compared with a net profit of RM99.57 million in the same period last year.

Revenue for the quarter, however, increased slightly to RM2.89 billion from RM2.83 billion previously, driven by higher oil prices which was tempered by a five per cent drop in the total sales volume.

“Overall volume for the last three months declined to 8.6 million barrels from 9.1 million barrels sold over the same period in 2017 owing to lower exports,” it said.

Moving forward, chairman Ramon S. Ang said despite a challenging business environment, Petron remained focused on strengthening its high-value segments such as retail.

“We will continue to prioritise programmes aimed at reaching more customers, while enhancing customer experience,” he said.

Together with its sister companies, Petron Fuel International Sdn Bhd and Petron Oil (M) Sdn Bhd, Petron expanded the number of petrol stations in Malaysia to more than 640 in 2018. — Bernama

Source: The Malay Mail Online

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