KUALA LUMPUR (Feb 26): Petronas Chemicals Group Bhd’s (PCG) net profit for the financial year ended Dec 31, 2023 slumped 73% to RM1.69 billion from RM6.32 billion, against a backdrop of volatile chemicals market and interruptions at its plants.

Revenue for the year dipped to RM28.67 billion from RM28.95 billion.

For the fourth quarter, PCG net profit fell 76% to RM112 million from RM481 million on the back of revenue of RM7.21 billion versus RM8.70 billion.

Earnings per share dropped to one sen from six sen.

PCG declared a dividend of five sen per share amounting to RM400 million payable on March 26. Total dividends for FY2023 came in at 41 sen per share, totalling RM1 billion.

In a statement, PCG managing director cum chief executive officer Mazuin Ismail said FY2023 was a tough year for the group, both on the market and operational fronts.

“Despite the persistent low spreads and operational challenges, we remain resilient with a healthy financial position,” he said.

On its outlook, Mazuin said the challenges seen in 2023 are expected to continue into 2024 as economic recovery is expected to remain sluggish, but with pockets of opportunities in various sectors.

“The chemicals industry is cyclical in nature, we therefore expect the current downcycle will turn as demand catches up with supply,” he said.

At Monday’s midday break, PCG shares dipped 0.86% or six sen to RM6.89, with 1.35 million shares changing hands, valuing the group at RM55.12 billion.