An informative post with the facts and sound arguments. Thank you for your effort. I have some Petron shares since I believe it offers the best value, when compared to Petronas Dagangan. After reading this post, I'll be adding more should the price come down for whatever reason (happens often enough when it loses 20 sen or so in a day). May not look like it now but I feel Petron has a much better chance of returning 100% or close to capital returns than PetDagang.
Getting a reply is not the reason for writing in the first place. Like Mandela, sslee might be required to habitate Kajang [neighbour to Prisoner Ku] for 20 years [when Soap Bright prosecutes him for Criminal Defamation] before a Real Change takes place.
Dear tehka, Previously Petron Malaysia IR did reply to my further questions on AGM minutes as follow:
Dear Mr Lee,
Our apologies for not reverting to you earlier in relation to your email request. Management had considered and deliberated at length your request but we concluded that we are unable to accede to your request to table the questions (you had posed), to the Board. It is our position that the questions that had been submitted in writing by you prior to the AGM, had been addressed (along with similar questions on the day from other shareholders) to the extent possible.
Please note that at the Annual General Meeting (AGM), it was made clear to all shareholders present that there are certain questions that we cannot answer or entertain – questions ranging from forecasts/projections, business of other companies to providing sensitive information that is necessary to keep confidential for the Company’s benefit. You will also note that in the summary of the AGM proceedings that we posted on the website, we had re-iterated the same.
As a shareholder, you will appreciate that as a listed company Petron Malaysia Refining & Marketing Bhd is in a unique position in the downstream oil & gas industry in Malaysia with it being an integrated oil refinery and retail business whereas our competitors are ether unlisted (and thus not bound to make any disclosures) or where listed, are either a refining business or a retail business. In such a competitive market, managing our proprietary information, our strategy for expansion etc are sensitive information that if made known publicly, could be (and in some cases have been) detrimental to the Company. That then translates to the detriment of shareholders.
At the AGM, whilst there were some questions asked in advance (and then far more at the meeting itself), we kept to the policy of not addressing certain areas. Indeed at the AGM, we even provided shareholders an additional day to email in questions they could not ask at the AGM due to time constraints and yet we just received about three (3) emails – two of which we mere comments/suggestions for future meetings. Shareholders at the meeting (being informed of the limits) did accept our explanation and asked many other probing questions from operations to financials to corporate matters etc that we addressed. Considering the healthy and engaging rapport we had with the shareholders, (and their obvious support in terms of votes later cast by them), we believe shareholders present were satisfied with our responses to questions they posed.
Unfortunately, you were unable to attend the AGM in person and we hope to see you next year. Thank you.
Best regards, MANOJ DEVADASAN General Counsel / Company Secretary / Manager-Human Resources/ Compliance Officer
Petron Oil & Gas International Sdn Bhd (970208-X) Petron Malaysia Refining & Marketing Bhd (3927-V) Petron Fuel International Sdn Bhd (4527-V) Petron Oil (M) Sdn Bhd (8823-D)
The difference is that Petron is very polite about it.
=> The Jaks enkresshi was positively hostile, very natural for the Krogan Empire ... ... The phrase. "we keep telling you." was that what they said? really make me laugh out loud. Will still make me laugh whenever I read it again.
[ We have explained this to you many times. The truth is that despite our explanations you have chosen to misinterpret and manipulate the facts entirely on your own accord, fancy and personal agenda. you should have ought to know as an investor yourself. Your statement that you were led to belief anything at all is wrong. We have repeatedly answered that ]
if you need comic relief in this dark covid world now, please drop by sslee blogs to read company replies.
Industry leader Petron Corporation maintained its strong financial performance in the first nine months of the year, reporting a consolidated net income of P8.2 billion, up 64% from last year’s P4.99 billion.
Combined sales volume from Petron’s Philippines and Malaysian operations as well as the Group’s Singapore trading subsidiary grew 37% to 80.4 million barrels from 58.8 million barrels in the same period of 2021, reflecting higher fuel demand. In the Philippines, total sales volume jumped by nearly 30%.
The average price per barrel of Dubai crude dipped by $11 per barrel to US$96.88 in the third quarter due to recession fears. Despite the correction in the third quarter, prices of finished fuel products remained elevated compared to last year. With the volume increase, Petron reported consolidated revenues of P631.1 billion in the first nine months, more than double that of last year’s P291.6 billion.
The demand recovery in most economies supported the continued strength of regional refining cracks resulting in the overall improvement in margins. Petron’s operating income stood strong at P16.5 billion, 23% more than 2021’s P13.4 billion. These improvements, however, were tempered by the increase in financing cost due to the unprecedented strengthening of US dollars against the peso and the successive hikes in interest rates.
“Despite uncertainties from geopolitical conflicts affecting the industry, we are pleased to note that our recovery is still on track. We are working hard so we can end the year strong and remain committed to providing consumers and industries with quality fuel products they need,” said Petron President and CEO Ramon S. Ang.
Petron is the Philippines’ largest oil company, operating the only remaining refinery that is capable of providing nearly 40% of the country’s petroleum requirements. Petron operates a 180,000-barrel-per-day refinery in Bataan, 30 terminals, and over 2,000 service stations nationwide.
Petron has recently obtained the go-signal from its shareholders to allow the company to construct and operate a coco-methyl ester plant and to secure relevant permits.
Petron also acquired a PME (palm methyl ester) plant in Malaysia to serve as an internal source for its biodiesel products. Earlier this year, the plant has undergone capacity expansion to support the higher demand for biodiesel in the country.
Dear SLee, Your write ups on value of Petron is highly commendable. Any feedback from the IB and also wondering why Petron is not backing you and us to wanting to clear matters to benefit all of us.. Especially the fact that Petron has its own petrol stations plus also it's franchise stores. I am wondering why NO response from the IB and efforts by Petron to address this important issue.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....