PetChem To Drive Operational, Commercial Resilience To Boost Growth
Petronas Chemicals Group Bhd (PetChem) is doubling down on its operational and commercial excellence and focusing on safety, plant optimisation, and asset reliability to strengthen resilience.
Managing Director/Chief Executive Officer Mazuin Ismail said the integrated chemicals producer continues to operate in an increasingly uncertain global environment, intensified by trade tensions and ongoing market volatility.
“While we have observed some improvement in commodity prices and a modest recovery in speciality chemicals demand during the first quarter of 2025 (1Q25), the overall outlook remains cautious.
“Nevertheless, PetChem will continue with its stringent financial discipline and prudent capital spending,” he said in a statement on April 22 after the company held its AGM to present the company’s performance to its shareholders for the financial year ended Dec 31, 2024 (FY24).
He added that the company’s growth strategy focuses on building a robust project pipeline that responds to evolving industry dynamics, while leveraging its global innovation network to deliver cutting-edge solutions.
“Through these efforts, PetChem remains strongly committed to long-term value creation for stakeholders and to staying competitive in an increasingly challenging environment,” Mazuin said.
In 2024, PetChem recorded its highest ever revenue at RM30.7 billion in 4Q24 compared to RM28.7 billion in 4Q23.
“The marginal growth was driven by increased sales volumes across all segments, improved product prices, and contributions from petrochemical operations in Pengerang, Johor,” the statement stated.
Despite the higher revenue, its net profit fell to RM1.175 billion in FY24 from RM1.696 billion in FY23, in line with lower EBITDA and share of loss from associates and joint ventures.
