KUALA LUMPUR: Petron Malaysia Refining & Marketing Bhd’s net profit more than doubled to RM106.07 million in the third quarter ended Sept 30, 2017 from RM46.79 million.
Petron’s revenue improved 40.4 per cent year-on-year to RM2.56 billion from RM1.82 billion, mainly due to higher oil prices.
Total sales volume hit nine million barrels or 15 per cent higher than the 7.8 million barrels sold last year, it said in a filing to Bursa Malaysia yesterday.
“Dated Brent averaged US$52 per barrel during the quarter compared with US$46 per barrel in the same period in 2016. Brent crude reached US$56 per barrel in September this year, up by almost US$10 per barrel or 20% from the June level compared to the range-bound movement during the same period in 2016.
“As oil prices rose, the price differentials between finished products and crude also widened which further improved the company’s margins,” it added.
For the nine months, Petron’s net profit came in at RM305.61 million or 144.6 per cent higher than the RM124.93 million osted a year ago. Revenue jumped 41.7 per cent to RM7.53 billion from RM5.31 billion.
In a separate statement, Petron chairman Ramon S. Ang said it was confident of a strong full-year performance.
“We are confident that we will end the year on a high note as we remain focused on expanding our retail presence, improving operational efficiencies, and enhancing our customers’ experience. Our efforts to further grow the business are in full swing, moving us closer towards our long-term goal of being a leading player in Malaysia,” he added.
Petron said its domestic volumes grew eight per cent driven by the continued success of its retail and commercial businesses.
The growth in retail resulted from the increased demand and growing popularity of Petron fuels’ Blaze 100 Euro 4M and Turbo Diesel Euro 5.
This was supported by innovative programs such as the “Fuel Happy” campaign and Petron Miles Card promotions, as well as the company’s retail station network expansion.
Growth in the commercial sector, meanwhile, was bolstered by the increase in volumes of jet fuel, diesel, and LPG.