By NST Business
KUALA LUMPUR: Petron Malaysia Refining & Marketing Bhd (Petron) ended the year with a strong performance in the fourth quarter of 2017, posting a net profit of RM100 million driven by higher sales volumes of 9.1 million barrels.
For full year 2017, Petron recorded a net profit of RM405 million, the highest since the entry of Petron. This includes non-recurring gains amounting to RM65.6 million from compulsory divestment of service stations that were acquired by the government.
The robust financial performance was supported by stronger oil prices and sales volumes which pushed revenues to RM10.4 billion, 36 per cent better than last year.
Petron’s sales volumes increased by 9 per cent to 34.9 million barrels in 2017 compared to the 32.1 million sold the previous year.
The company attributed strong sales in both the retail and commercial sectors as main factors driving growth.
The Dated Brent benchmark averaged US$64 per barrel in December 2017 compared to the range-bound movement of an average US$54 per barrel during the same period in 2016.
Innovative fuels such as Blaze 100 Euro 4M and Turbo Diesel Euro 5 continue to boost sales volumes at Petron service stations. High demand from key sectors such as aviation, industrial and LPG also contributed to higher sales.
“Our strategies continue to result in substantial gains as reflected in our banner performance for 2017.
“We will continue to focus on growing our market presence, enhancing our value chain, and ensuring excellent service at every touch point,” Petron chairman Ramon S. Ang said.