KUALA LUMPUR: Petronas Chemicals Group Bhd (PCG) is concentrated on advancing its growth initiatives and strengthening its operational performance regardless of the expectation that 2024 will proceed to be a difficult yr.
The firm stated it will likely be strengthening its operational performance with the plant reliability technique which incorporates asset danger prioritisation and proactive upkeep implementation to mitigate unplanned occasions.
Managing director/CEO Mazuin Ismail stated PCG may also proceed fostering stronger relationships with its prospects to make sure it delivers the merchandise and options in step with dynamic market demand.
“In addition, we’ll advance our sustainability efforts and discover new growth alternatives.
“Through these efforts, PCG will probably be well-positioned and nimble to seize alternatives in the course of the anticipated financial upcycle when the demand catches up with provide,” he stated in an announcement after its annual normal assembly as we speak.
In 2023, the group famous that international financial growth had slowed, influenced by geopolitical tensions and China’s sluggish post-pandemic restoration with excessive power prices and product oversupply worsening the business’s downturn, with mushy demand throughout the chemical compounds sector.
Additionally, the corporate’s commodities enterprise confronted inside and exterior challenges which affected plant utilisation, leading to decrease manufacturing, PCG stated.
“Despite the challenges confronted, with the diligent implementation of our strategic initiatives, we recorded a manufacturing quantity of 10.4 million tonnes, together with commodities and speciality chemical compounds, and a gross sales quantity of 9.6 million tonnes whereas sustaining a observe report on security.
“We closed 2023 with a income of RM28.7 billion and revenue after tax of RM1.8 billion. The firm paid a complete dividend of 13 sen per share amounting to a complete payout of RM1 billion, representing a 61% dividend payout ratio,” Mazuin stated.
He identified that PCG’s growth performance has remained secure through the years.
In 2023, amongst different milestones, PCG achieved the Ready for Start-Up section for 2 crops – a speciality ethoxylates and polyether polyols plant in Kerteh, Terengganu, and a nitrile butadiene latex (NBL) plant in Pengerang, Johor.
The plant in Kerteh will allow PCG to fulfill the rising demand for foam merchandise within the automotive sector, cleansing and private care merchandise, whereas the manufacturing of NBL permits PCG to seize alternatives within the international latex glove market, given Malaysia’s standing as the most important glove producer on the earth, it stated.
There had been additionally a number of new developments beneath PCG’s speciality chemical compounds platform, by way of its subsidiaries, Perstorp Group and BRB Group, the corporate stated.
PCG famous that the chemical business performs a key position in creating applied sciences and sustainable options that assist the transition to a low-carbon economic system.
In 2023, PCG took a big step ahead in its Circular Economy agenda to contribute to a sustainable plastics ecosystem by sanctioning the development of a complicated chemical recycling plant in Pengerang, it stated.
In addition, by way of its speciality chemical compounds subsidiary Perstorp, PCG continues to develop its sustainable product portfolio with the launch of 5 new ISCC PLUS licensed merchandise akin to 2-EH Pro 100 and Valeric Acid Pro 100, which have a low carbon footprint and are constructed from 100% renewable content material.
“We are happy to have made good progress on our sustainability ambitions. However, there’s nonetheless a lot work to be finished as we try to additional combine sustainability into extra points of our operations.
“We stay steadfast in our dedication to scale back our environ-mental footprint and proceed to pursue our internet zero emissions ambition, consistent with our Net Zero Carbon Emissions 2050 Roadmap,” Mazuin stated. – eNM
