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Our operating profit grows at PETRONAS Chemicals
31
May '11
PETRONAS Chemicals Group Berhad (PCG) is pleased to announce its results for the recently concluded financial year.

The Group recorded a 20% increase in revenue year-on-year at RM14.6 billion, supported by higher prices and volume addition from our acquisitions undertaken in 2009 and 2010.

Our operating profit grew by RM405 million or 12% to RM3.7 billion from the previous year.

The Group's results were further supported by the strong performance from BASF PETRONAS Chemicals, which primarily contributed towards higher share of profits from associate and jointly controlled entities by RM533 million.

Overall, profit for the period increased by RM868 million or 33% to RM3.5 billion.

The Group's EBITDA was at RM4.7 billion, an increase of RM875 million or 23% year-on-year.

Earnings per share were 40 sen compared to 30 sen per share in the corresponding period.
The Board of Directors proposed a tax exempt final dividend of 19 sen per share subject to the approval of shareholders at the next Annual General Meeting.

Compared to the third quarter ended December 2010, the Group posted a 12% growth or RM455 million on the back of strong realised prices and higher sales volume, particularly from our fertiliser and methanol business segment with the resumption of PETRONAS Methanol Labuan Plant 1 on 26 December 2010. This partly mitigated the lower production volume from olefins and derivatives business segment due to maintenance activities in the current quarter.

With the strong momentum in petrochemical industry, the Group posted its highest quarterly performance for the financial year ended March 2011, whereby operating profit grew by RM121 million or 12% to RM1.2 billion in the current quarter.

In the same period under comparison, profit for the period increased by RM161 million to RM1.2 billion whilst EBITDA climbed 17% or RM214 million to RM1.5 billion.

“For the recently ended quarter, the petrochemical industry benefited considerably from broadly higher product prices and spreads. With the completion of the recent maintenance activities at our key facilities, we are well positioned to meet the growing demands in Asia,” said Dr Abd Hapiz Abdullah, President/Chief Executive Officer of PCG.

PETRONAS Chemicals Group Berhad (PCG) is the leading integrated petrochemicals 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.

PETRONAS Chemicals Group Berhad (PCG)

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