KUALA LUMPUR (Nov 23): Petron Malaysia Refining & Marketing Bhd’s net profit surged 155.17% to RM81.9 million in the third quarter ended Sept 30, 2023 (3QFY2023), from RM32.1 million a year earlier, on the back of higher sales volume and improvement in refining margins.

Earnings per share increased to 30.33 sen from 11.9 sen, the oil refiner said in a filing to Bursa Malaysia on Thursday.

Quarterly revenue rose 3.56% to RM4.85 billion from RM4.68 billion, mainly due to an increase in production at its Port Dickson refinery, which offset the lower prices of dated brent of US$87 (RM406.50) against US$101 per barrel in 3QFY2022.

On a quarter-on-quarter basis, Petron’s net profit more than doubled from RM40 million in 2QFY2022, while revenue was up 19.68% from RM4.05 billion.

For the first nine months of FY2023, net profit dropped 28.36% to RM230.64 million versus RM321.95 million in the same period last year, due to the absence of tax incentives. Nine-month revenue fell 9.64% to RM12.72 billion from RM14.08 billion previously.

Petron chairman Ramon S Ang said the company currently has over 760 service stations across Malaysia.

“Strengthening our resilience against inherent risks and uncertainties in the industry has helped us achieve consistent growth and create more value for our stakeholders,” Ang added.

Petron shares closed up one sen or 0.22% at RM4.64 on Thursday, for a market capitalisation of RM1.25 billion.