KUALA LUMPUR: PETRONAS Chemicals Group Berhad (PCG) registered Profit After Tax (PAT) of RM809 million for its second quarter in the Financial Year Ending 31 December 2024. During the quarter, revenue grew 3% against 1Q 2024 to RM7.7 billion, mainly driven by higher sales volume in the Group’s Fertilisers and Methanol segment and higher contribution from the Specialties segment.
Global oversupply of petrochemicals, low growth and geopolitical unrests amidst uncertain macroeconomic outlook continue to weigh heavily on the sector. Prices of selected olefin products remained high on temporary supply shortages stemming from logistics disruption and plant maintenance shutdowns in the Asia Pacific region, whereas supply availability placed downward pressure on prices of urea, propylene and monoethylene glycols. Margin compression due to high energy, chemical feedstock and other operational costs continued to pose challenges, particularly for downstream producers.
Source:BERNAMA News Agency