KUALA LUMPUR – Petron Malaysia Refining & Marketing Bhd (PMRMB) ended 2018 with total revenues of RM12 billion, a 16% increase from the RM10.4 billion posted in 2017. This was buoyed by higher international prices and steady growth in sales volume.

Total sales volume during the period reached 35.5 million barrels, up 2% from the 34.9 million barrels sold in the previous year. The Company underwent a scheduled maintenance for its Port Dickson Refinery in October which reduced the production of export products Low Sulfur Waxy Residue and Naphtha.

While exports were down, domestic sales particularly in the retail sector continued to grow during the period. The Company attributed the positive trend in retail sales to higher demand for high-performance fuels such as Blaze 100 Euro 4M and Turbo Diesel Euro 5 complemented by a more rewarding Petron Miles loyalty card program.

Full year net income settled at RM225 million, 44% lower than the RM405 million in 2017. The decline can be traced to the fourth quarter’s net loss of RM26 million, a reversal of the RM100 million net income posted in the same period in 2017. From an upward trend in July to October, Dated Brent dropped significantly in November and December. PMRMB incurred inventory holding losses towards the end of the year as prices plunged by almost 30% to US$57 per barrel in December from US$81 per barrel in October.

In 2017, the Company also reported non-recurring gains amounting to RM65.6 million from compulsory divestment of service stations by the government.

“Despite a challenging business environment, we remain focused on strengthening our high-value segments such as retail. We also continue to prioritize programs aimed at reaching more customers while enhancing customer experience,” said PMRMB Chairman Ramon S. Ang.

PMRMB continued to grow its number of stations in 2018 to more than 640 stations together with its sister companies, Petron Fuel International Sdn Bhd and Petron Oil (M) Sdn Bhd.