KUALA LUMPUR: Petron Malaysia Refining & Marketing Bhd 
saw its net profit for the second one fourth jump more than four-fold to RM183. forty eight million from RM42. 01 million published in the same quarter last year as demand for fuel recovered with the removal of restrictions on travel plus business activities.
In a filing along with Bursa Malaysia, it said the standard Dated Brent crude price continued to surge in the 2nd quarter of 2022 averaging US$114 for each barrel, a sixty-five per cent increase from your US$69/bbl average in the same period a year ago, mainly driven by supply risk problems on geopolitical stress in Europe along with constrained production from OPEC+ committed result amid recovering global oil demand.
“As both essential oil prices and product sales volume improved, you can actually revenue rose in order to RM5. 60 billion (for the one fourth ended June thirty, 2022), more than double last year’s RM2. 02 billion, ” it said.
The sustained walk in prices led to strong regional refinery cracks, improving overall margins and
lifting operating earnings to RM362. 32 million, more than five-fold from last year’s RM66. 50 million.
For the first half of 2022, Petron recorded a higher sales volume of 16. 4 million barrels in comparison to 13. 1 mil barrels sold in exactly the same period last year.
“Combined with higher oil prices, the business generated revenue associated with RM9. 40 billion dollars, more than twice final year’s RM4. 03 billion. The producing net profit of RM289. 86 million was doubled the RM145. 01 million last year. ”
On the outlook, Petron said while the waning impact of the pandemic helped global need to recover, the oil market remains risky due to ongoing provide risk concerns as a result of geopolitical conflicts plus narrow spare creation capacity among main oil producing countries.
Meanwhile, the particular growing recession anxieties brought about by the increasing global inflation and lockdown-related demand interruptions can further enhance the uncertainties.
“On the household front, the reopening of borders plus scrapping of limitations allowed normal
business operations upon all sectors which resulted in an economic rebound. ”
However , the growth might be tempered if inflationary pressure cannot be included, combined with the risks associated with potential global recession, supply chain disruptions and financial market volatility.
“To withstand the challenging business environment, the organization will continue to utilise its resources prudently and intensify its risk management measures whilst remaining committed to expanding its market achieve. Petron will also stay committed to aligning the business operations plus programmes with practices and initiatives that support an environmentally friendly environment and economy, ” it added. – Bernama