·         Plant Utilisation at 94%
·         EBITDA Margin at 37%
·         Special Dividend of RM800 million 

KUALA LUMPUR, Nov 22 (Bernama) -- PETRONAS Chemicals Group Berhad (PCG) continues to report strong performance, reflected by sharp increase in its 3Q 2021 revenue and profit, driven by higher petrochemical product prices. The extended rise in crude oil prices coupled with prolonged tight supply environment had resulted in high product prices during the quarter. This was further supported by the Group’s sustained operational excellence and effective cost management.
 
PCG achieved a record quarterly Profit After Tax (PAT) of RM2.0 billion in 3Q 2021, maintaining high EBITDA margin of 37%. On a cumulative 9-month basis, PCG delivered a strong PAT of RM5.3 billion compared to RM1.1 billion in the same period last year.
 
PCG also announced a special dividend payout of RM800 million to commemorate the 10^th anniversary of its listing, celebrated in 2020. 
 
Key highlights 3Q 2021 vs 3Q 2020
 
· Revenue grew 67% to RM5.8 billion (3Q 2020: RM3.5 billion) contributed by higher average product prices driven by higher crude oil prices, improved global demand and tight supply environment.
· Profit after Tax (PAT) soared to RM2.0 billion (3Q 2020: RM452 million).
· Earnings Before Interest, Taxation, Depreciation and Amortisation (EBITDA) improved to RM2.1 billion (3Q 2020: RM914 million) lifted by higher product prices and spreads. EBITDA margin rose to 37% (3Q 2020: 26%).
· A special dividend of 10 sen per share was declared for the financial year ending 31 December 2021. The dividend amounting to RM800 million, is payable on 30 December 2021.
· Strong operations maintained in 3Q 2021, with sales volume at 2.0 million mt and plant utilisation rate of 94%.
 
Managing Director/Chief Executive Officer, Datuk Sazali Hamzah commented, “We initially expected the market recovery to be moderate in 3Q 2021 onwards, however, product prices remained relatively high following Hurricane Ida in August that disrupted supply in North America and prolonged downtime in Middle Eastern urea plants amid demand recovery as COVID-19 restrictions eased. Although polymer prices were lower by about 5% compared to 2Q 2021, urea and methanol prices grew strongly by about 25% and 10% respectively. Through our operational and commercial excellence, we performed well by optimising our production and sales against market movements.”
 
Commenting on outlook, Datuk Sazali said, “Current market conditions augur well for PCG. We may see some reduction in demand due to the resurgence of COVID-19 infections and China’s policy to reduce energy intensity and limit total energy consumption. Nonetheless, other offsetting factors such as the natural gas shortage in Europe and OPEC+ production decisions, may continue to support crude oil prices and in turn, the prices of our products”.
 
Updating on the Pengerang Integrated Complex, Datuk Sazali added, “The petrochemical facilities are scheduled to commence in 1Q 2022. We look forward to this event as our commercial team has secured customers who are ready to offtake our products. It will be an exciting start to the new year for PCG.“ 
 
About PETRONAS Chemicals Group Berhad
 
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 12.8 million metric tons per annum (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 in 2010 and with more than three decades of experience in the chemicals industry, PCG was established as part of the PETRONAS Group to maximise value from Malaysia’s natural gas resources.
 
PCG is one of the top 10 companies in the FTSE4Good Bursa Malaysia (F4GBM) Index, out of 200 largest companies ranked by market capitalisation. In addition, PCG is listed on the Dow Jones Sustainability™ World Index. This Index represents the top 10% of the largest 2,500 companies in the S&P Global BMI based on economic, environment and social criteria. PCG is committed to ensuring that its business practices are in line with globally recognised standards for Economic, Environment, Social & Governance (EESG) practices.
 
Further details on PCG can be found at www.petronaschemicals.com
 
Source: PETRONAS Chemicals Group Berhad

FOR MORE INFORMATION, PLEASE CONTACT: 
Name: Yogeswari Thangavelu
Media Relations, Corporate Affairs & Administration Department
PETRONAS CHEMICALS GROUP BERHAD (PCG)
Tel: +(603) 2331 5000 (GL), +(603) 23926434 (DL) M : (6) 017 2000919
Email : yogeswari.thangavel@petronas.com 

--BERNAMA