PETALING JAYA: Petronas Chemicals Group Bhd (PCG) recorded a commendable performance in 2022 against a background of geopolitical conflicts, market volatilities and general industry challenges.
The company continued to demonstrate operational and commercial resilience, despite uncertainties in the energy and commodity markets resulting in a surge in crude oil and petrochemical prices, along with China’s persistent zero-Covid policy and higher cost of operations.
PCG recorded production volume of 10.4 million tonnes per annum (tpa), sales volume of 8.3 million tpa and continued its excellent track record on safety. PCG closed 2022 with record revenue of RM29 billion and profit after tax of RM6.3 billion.
PCB briefed shareholders on the company’s performance for the financial year ended Dec 31, 2022 at its 25th annual general meeting in Kuala Lumpur on Tuesday.
PCG managing director/CEO Mohd Yusri Mohamed Yusof, who shared the company’s performance, growth plans, sustainability strategy and outlook for 2023 said, “We are pleased to have delivered a solid performance despite numerous challenges. Guided by our two-pronged strategy to sustain our strength in basic petrochemicals and selectively diversifying into specialties, we look forward to capturing new revenue streams and strengthening our position in the region.”
Last year was significant in terms of growth for PCG. Its landmark acquisition of Sweden-based Perstorp Group resulted in further diversification of the company’s product offerings, specifically for its specialty chemicals portfolio.
“The addition of Perstorp Group marks a major milestone, which will see over 130 new product offerings, seven manufacturing sites globally and more than 1,500 new members coming into the PCG family. PCG has also established a new Specialty Chemicals Division to manage and steer critical strategic priorities supporting PCG’s long-term aspirations within this space,” said Mohd Yusri.
In 2022, the company launched BRB Group’s new lubrication oil additives manufacturing facility in the Netherlands to serve as a global Lube Oil Additives and Chemicals hub for PCG. In addition, two projects achieved Final Investment Decision status – the development of a melamine plant in Gurun, Kedah, and the expansion of the 2-ethylhexanoic acid plant in Gebeng, Pahang.
PCG enhanced its commitment towards sustainability in 2022 and surpassed its short-term target to reduce its Scope 1 and Scope 2 GHG emissions by 100,000 tonne carbon dioxide equivalent by 2024.
Commenting on PCG’s sustainability agenda, Mohd Yusri said, “After the establishment of PCG’s own NZCE 2025 Roadmap in 2021, we are proud to have built a strong momentum in the first year. We enhanced our sustainability agenda, which aims to address all topics that are material to our stakeholders.”
