Petron Malaysia Records Net Loss of RM34.48 Mln In 2Q 2026

KUALA LUMPUR, Aug 27 (Bernama) -- Petron Malaysia Refining & Marketing Bhd (Petron Malaysia) recorded a net loss of RM34.48 million in the second quarter ended June 30, 2026 (2Q 2026) compared to a net profit of RM40.51 million in the same quarter a year ago. 

In a Bursa Malaysia filing today, it said the net loss was due to its reliance on imported products amid a challenging business environment, with intense oil price volatility and supply disruptions caused by geopolitical tensions in West Asia. 

“The benchmark Dated Brent crude price averaged US$105 per barrel in 2Q 2026, a 54 per cent jump versus the same period last year.

“However, it declined by 29 per cent to US$85 per barrel in June after surging to a high of US$121 per barrel in April when the US/Israel-Iran conflict was at its peak,” the company explained. 

Petron Malaysia also resumed limited refinery operations to support local supply of regulated products after applying interim solutions to overcome operational constraints while construction of the replacement jetty at Port Dickson Refinery is ongoing.

Revenue, however, increased to RM4.72 billion during the quarter under review from RM3.26 billion previously, driven by higher oil prices.

On prospects, it said the higher oil prices and weaker global economic activity are expected to dampen oil demand, while oil price volatility is likely to persist in the near term amid ongoing uncertainties.

“We continue to enhance our operational resilience, the execution of our strategic plans, and prudent cost management.

“As we are on track with the construction of our new product jetty, we will continue to optimise arrangements to run our refinery despite the operational limitations. These efforts support our path towards recovery,” said Petron Malaysia chairman Ramon S Ang.

-- BERNAMA