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PETALING JAYA: Petronas Chemicals Group Bhd’s (PetChem) net profit for its third quarter (Q3) ended Sept 30, 2021 soared over fourfold to RM1.96 billion, from RM471 million reported in the same quarter of the previous year on the back of higher product prices in tandem with the improving crude oil price, tight supply and healthy demand from global economic recovery.

Revenue for the quarter rose to RM5.77 billion, a 66.8% improvement from RM3.46 billion in the corresponding year quarter.

For the nine-month period ended Sept 30, 2021, the group’s net profit stood at RM5.29 billion, a 456% jump from RM1.16 billion reported for the corresponding period of the preceding year.

Meanwhile, revenue for the period rose 52.5% to RM16.05 billion from RM10.53 billion posted previously.

In its Bursa filing, PetChem revealed its olefins and derivatives segment’s profit after tax (PAT) for Q3 improved by RM697 million to RM955 million, attributed to a higher ebitda and share of profit from joint ventures and associates.

Similarly, its fertilisers and methanol segment reported a RM660 million spike in PAT to RM983 million also due to a higher ebitda and share of profit from joint ventures and associates.

In regard to its future prospect, the group outlined its operations are expected to be influenced by global economic conditions, as petrochemical products prices which have a high correlation to crude oil price as well as the utilisation rate of its production facilities and foreign exchange rate movements.

It noted the Covid-19 pandemic will continue to affect the global economy and the market will remain volatile.

Moving forward, PetChem anticipates product prices for olefins and derivatives to remain stable amidst global economic recovery. Product prices for fertilisers and methanol are anticipated to strengthen due to higher natural gas price, tightening supply in China and stronger demand.

With that the group declared a special dividend of 10 sen per ordinary share amounting to RM800 million to be paid out on Dec 30, 2021.

PetChem closed one sen lower to RM8.30 yesterday.

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