KUALA LUMPUR: Petron Malaysia Refining and Marketing Bhd achieved a net profit of RM41.4 million for the fourth quarter (4Q) ending Dec 31, 2023, rebounding from a net loss of RM21.4 million in the previous year.
Petron Malaysia saw a five per cent revenue increase for 4Q, amounting to RM4.5 billion from RM4.3 billion the previous year, driven by higher sales volume.
"From US$94 per barrel in September, Dated Brent dropped 17 per cent to US$78 in December.
"The sustained price decline during the quarter limited gross profit to RM32 million. This translated to an operating loss of RM30 million, a 36 per cent reduction from the RM47 million loss incurred in the same quarter of 2022," it said.
For the full year, Petron Malaysia posted a 10 per cent increase in sales volume, totaling 37.2 million barrels, driven by growth in domestic demand, along with a nine per cent rise in refinery production.
Petron Malaysia chairman Ramon S. Ang remarked that 2023 presented another year of difficulties due to the persistent fluctuation in oil prices, a delicate global economic rebound, and ongoing geopolitical tensions in the Middle East and Eastern Europe.
"Nevertheless, Petron demonstrated resilience and took necessary measures to overcome external market uncertainties.
"Moving forward, Petron Malaysia will continue to grow its retail presence, improve product quality, and increase efficiencies to ensure our robust and sustainable operations," he added.
