KUALA LUMPUR: Petron Malaysia Refining & Marketing Bhd's net profit almost doubled to RM42.02 million in the fourth quarter (Q4) ended December 31, 2020 from RM28.97 million recorded a year earlier.
This was mainly due to improved refining margins and net inventory gains from recovering oil prices in the last quarter of 2020.
The benchmark dated Brent crude price rallied to reach US$50 per barrel in December 2020 from its September average of US$41 as anticipation grows for the roll-out of effective Covid-19 vaccines.
Revenue in the same quarter however, decreased 48.1 per cent to RM1.51 billion from RM2.91 billion, due to the implementation of another conditional Movement Control Order (MCO), slowing down movement and economic activity.
The company sold 6.8 million barrels during the said period against the 9.2 million barrels sold in 2019.
"Dealing with multiple pressures, including an unprecedented crisis, prompted us to revisit our plans and strategies in 2020.
"We are slowly recovering from the impact of Covid-19 and we are confident that we can bounce back from this temporary setback.
"Our commitment to fuel growth and recovery remains as strong as we stand with Malaysia in its rebuilding efforts," said Petron Malaysia chairman Ramon S Ang.
He said despite the challenging business environment, Petron Malaysia, together with its sister companies opened new stations, bringing the group's retail network to over 720 in 2020.
"While we are focused on achieving financial recovery, expanding our retail network, enhancing our refinery's capability, and increasing the efficiency of our operations still remain our key priorities. We will continue to deliver long-term growth and value to our customers and stakeholders," he added.
For the full financial year 2020, Petron registered a net loss of RM13.32 million against the net profit of RM177.13 million, while revenue plunged 43.6 per cent to RM6.46 billion from RM11.46 billion.
ends