KUALA LUMPUR: Petron Malaysia Refining and Marketing Bhd's net profit fell to RM4.63 million in the third quarter (3Q) ended Sept 30, 2024, from RM81.90 million a year earlier amid a downward trend in oil prices.
Revenue also declined to RM3.81 billion from RM4.85 billion previously, as sales volume fell seven per cent, which reflected the correction in domestic fuel demand following the implementation of the retail diesel targeted subsidy in June 2024, the company said.
"Export sales also slid resulting from reduced refinery production. (However,) commercial volume grew by nine per cent, mainly driven by jet fuel sales and Gasul liquefied petroleum gas (LPG)," it said in a filing with Bursa Malaysia today.
Meanwhile, for the nine months to Sept 30, 2024, the company registered a steep drop in net profit to RM87.59 million from RM230.64 million in the preceding year's corresponding period.
In contrast, its revenue increased to RM12.76 billion compared to RM12.72 billion in the same period in 2023.
On prospects, Petron Malaysia said despite the market uncertainties and challenges, it remains committed in pursuing sustainable growth through investments in retail network expansion and enhancing operational efficiencies through effective resource management.
"With sound business fundamentals and prudent risk management, the company continues its focus on strategic initiatives to deliver long-term value to its stakeholders while actively working to reduce its carbon footprint," it added.