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KUALA LUMPUR, Feb 23 — Petron Malaysia Refining and Marketing Bhd’s (PMRMB) net profit rose to RM42.01 million in the fourth quarter ended December 31, 2020 (Q4 2020), from RM28.96 million posted in the same period last year.
However, revenue slumped to RM1.51 billion from RM2.91 billion previously due to lower sales volume and decline in oil prices, it said in a filing with Bursa Malaysia today.
PMRMB said during the final quarter last year, the government had reimposed the conditional movement control order (CMCO) in response to the spike in Covid-19 cases.
“Amid reduced movement and economic activities during the CMCO, the company recorded a lower sales volume of 6.8 million barrels during the quarter, compared with 9.2 million barrels in Q4 2019,” it said.
The company added that the Dated Brent benchmark crude oil price rallied to an average US$50 (RM202) per barrel in December 2020, from its September 2020 average of US$41 per barrel.
It said this was due to the growing market optimism from the targeted roll-out of Covid-19 vaccines, coupled with the production cuts by the Organisation of the Petroleum Exporting Countries and its allies.
“However, Q4 2020’s average of US$44 per barrel remained 30 per cent lower from Q4 2019’s average of US$63 per barrel,” it added.
Moving forward, the company remains confident that it is well-equipped to face various challenges through its resilient operations, coupled with prudent resource and risk management measures.
Meanwhile, in a separate statement, PMRMB chairman Ramon S. Ang said the company is recovering from the Covid-19 pandemic’s impact and is confident that it will be able to bounce back from the temporary setbacks.
“Our commitment to fuel growth and recovery remains strong as we stand with Malaysia in its rebuilding efforts,” he said. — Bernama