Company Set to Rise above Challenges

KUALA LUMPUR, April 29 (Bernama) -- PETRONAS Chemicals Group Berhad (PCG) held its annual general meeting today to present the company’s performance to its shareholders for financial year ended 31 December 2015.
 
Commenting on the overall performance of the Group, Chairman of PCG, Encik Md Arif Mahmood said, “Despite challenges in world economy and headwinds of low crude oil and product prices, PCG had risen to improve its operational excellence and successfully recorded an improved EBITDA margin at 34.4% in 2015. As a result, the Board declared interim dividends for the year under review amounting to RM1.28 billion.
 
Operationally, PCG managed to effectively drive lower operating costs across the Group, and registered its highest plant utilisation rate of 85% since the company’s listing on Bursa Malaysia in 2010. The strong financial performance recorded in 2015 was also reflected in the 33% rise of PCG’s share price from RM5.45 to RM7.27, signalling greater investors’ confidence in the Group.
 
“We have set clear goals for the years to come. While the journey ahead will remain challenging, we have successfully proven our resilience in the past year and our stakeholders, especially our shareholders, can expect continued strong performance from the Group moving forward. These are part of our commitment to establish PCG as the preferred chemical company providing innovative customer solutions,” Encik Md Arif concluded.
 
In order to successfully navigate through industry’s challenges, PCG continues to pursue its two-prong strategy of strengthening its basic petrochemicals portfolio while selectively diversifying into derivatives, specialty chemicals and solutions.
 
This two-prong strategy for growth will increase PCG’s volume-play advantage as a competitive regional player whilst harnessing value-play from higher margin products, which also enhances its resilience against market cyclicality and volatility.
 
The success of the strategy depends on three key factors: Operational Excellence to achieve world class performance; Marketing and Sales Excellence to increase profit by understanding customer requirements through market reach and intelligence; and Innovation Excellence to develop applications and solutions.
 
About PCG
 
PETRONAS Chemicals Group Berhad (PCG) is the leading integrated chemicals producer in Malaysia and one of the largest in South East Asia. It operates a number of world class production sites, which are fully vertically integrated from feedstock to downstream end-products. With a total combined production capacity of over 10 million mtpa, it is involved primarily in manufacturing, marketing and selling a diversified range of chemical products, including olefins, polymers, fertilisers, methanol and other basic chemicals and derivative products. Listed on Bursa Malaysia and with three decades of experience in the chemicals industry, PCG is established as part of the PETRONAS Group to maximise value from Malaysia’s natural gas resources.
 
Further details on PCG can be found at www.petronaschemicals.com
 
SOURCE : PETRONAS Chemicals Group Berhad (PCG)

FOR MORE INFORMATION,PLEASE CONTACT:
Name : Shameera Sudananthan
Head, Media Relations
Corporate Affairs & Administration Department
PETRONAS CHEMICALS GROUP BERHAD (PCG)
Tel : +(603) 2331 5000 (GL), +(603) 2331 2266 (DL)
Fax : +(603) 2331 3008, M: + (6) 012 5050 035,
Email : shameera.abd@petronas.com.my

--BERNAMA