Year's End Bonus for Petronas Year like many AC.
PETRONAS Chemicals Group Bhd (PCG) saw the net profit of the third quarter ending September 30, 2021 (3QFY21) jumped threefold at RM1.96 billion from RM471 million driven by high petrochemical prices.
In the filing of Bursa on Monday dated November 22, PCG saw its third quarter yielding rose 67% at RM5.8 billion from RM3.5 billion due to high crude oil prices, rising global demand and tight supply environment.
It also declared a special dividend of 10 sen per share amounting to RM800 million will be paid on December 30.
In a separate statement, PCG's Managing Director and Chief Executive Datuk Sazali Hamzah said the group expects the market recovery to be moderate from 3QFY21 and beyond.
He added that the price of the product may remain high as the IDA typhoon struck in August has disrupted supplies in North America and the Urea Plant in the Middle East which was interrupted during the recovery of demand due to COVID-19 restrictions.
Although the price of polymer decreased by 5% compared to 2QFY21, urea and methanol prices jumped high at 25% and 10%.
Sazali also stated that the current market situation gave a good sign for PCG.
As of midday, PCG is permanently traded at MR8.31 with its value at RM66.48 billion.
