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MarketScreener Homepage  >  Equities  >  BURSA MALAYSIA  >  PETRONAS Chemicals Group    PCHEM   MYL5183OO008

PETRONAS CHEMICALS GROUP

(PCHEM)
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Petronas Chemicals Second-Quarter Net Profit Slumped on Weak Oil Prices, Low Demand

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08/19/2020 | 03:16am EDT

By Chester Tay

Petronas Chemicals Group Bhd.'s second-quarter net profit slid 83% from a year earlier, dragged by compressed margins arising from lower product prices, due to low crude prices and softer demand after an OPEC+ falling out earlier in the year and the Covid-19 pandemic.

Net profit plunged to 186 million ringgit ($44.5 million), while revenue fell 27% to MYR3.18 billion, the petrochemical company said Wednesday.

The group's net profit for the first half fell 64% to MYR692 million, while revenue declined 17% to MYR7.07 billion.

Petronas Chemicals said the ongoing pandemic continues to adversely affect the global economy and the group hasn't been spared.

The group expects the olefins and derivatives businesses to see product prices recover toward the end of the year as downstream demand continues to improve from the easing of lockdowns. However, Petronas Chemicals doesn't expect product prices this year to reach 2019 levels.

For its fertilizers and methanol businesses, the company anticipates product prices to remain stable toward year-end, as fertilizer demand has been less affected by Covid-19 due to the planting season, while methanol demand is likely to improve with crude oil price recovery.

 

Write to Chester Tay at chester.tay@wsj.com

 


Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL 0.25% 40.46 Delayed Quote.-37.71%
PETRONAS CHEMICALS GROUP 0.84% 6 End-of-day quote.-18.37%
WTI 0.25% 38.565 Delayed Quote.-36.11%
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Financials
Sales 2020 14 969 M 3 596 M 3 596 M
Net income 2020 1 679 M 403 M 403 M
Net cash 2020 10 491 M 2 520 M 2 520 M
P/E ratio 2020 27,2x
Yield 2020 1,95%
Capitalization 48 000 M 11 509 M 11 530 M
EV / Sales 2020 2,51x
EV / Sales 2021 2,01x
Nbr of Employees 4 500
Free-Float 18,6%
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Technical analysis trends PETRONAS CHEMICALS GROUP
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TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 22
Average target price 5,71 MYR
Last Close Price 6,00 MYR
Spread / Highest target 17,5%
Spread / Average Target -4,76%
Spread / Lowest Target -35,0%
EPS Revisions
Managers
NameTitle
Sazali bin Hamzah CEO, MD & Non-Independent Executive Director
Mohamad Arif bin Mahmood Chairman
Rashidah binti Alias Chief Financial Officer
Ch'ng Guan How Chief Innovation & Technology Officer
Ah Wah Toh Senior Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
PETRONAS CHEMICALS GROUP-18.37%11 449
SAUDI BASIC INDUSTRIES CORPORATION-1.38%74 558
AIR LIQUIDE5.67%74 450
WANHUA CHEMICAL GROUP CO., LTD.36.19%36 953
LYONDELLBASELL INDUSTRIES N.V.-18.61%25 672
HENGLI PETROCHEMICAL CO.,LTD.21.89%20 569