KUALA LUMPUR (May 22): Oil company Petron Malaysia Refining & Marketing Bhd's (KL:PETRONM) net profit rose 16.24% for the first quarter ended March 31, 2025 (1QFY2025), supported by optimised production at its Port Dickson Refinery, cost-effective sourcing of finished products through Petron Singapore Trading Pte Ltd and effective hedging strategies for commodity and foreign exchange exposures.

The better cost management comes at a time of oil price volatility, which the group anticipates will continue this year amid Middle East tensions and tariff disputes that could weigh on global demand.

For 1QFY2025, Petron posted a net profit of RM81.03 million, compared with RM69.71 million recorded in the same period last year. Basic earnings per share rose to 30 sen, from 25.82 sen.

However, quarterly revenue declined 21.08% to RM3.67 billion, from RM4.65 billion in 1QFY2024.

In a filing with Bursa Malaysia on Thursday, the group said it attributed the revenue contraction to reduced sales volume and lower selling prices.

Nevertheless, Petron said it will continue the expansion of its retail network and enhancements to its facilities for growth, on top of ongoing process improvement initiatives.

Petron manufactures and markets a range of petroleum products — including gasoline, diesel, liquefied petroleum gas, industrial fuels, commercial fuels and aviation fuel — at its Port Dickson refinery. The company also operates a retail network of 810 service stations across Malaysia.

Among its newest additions is the Petron Mambau Northbound station in Negeri Sembilan, notable for being the first Petron service station certified under the GreenRE Silver category, aligning with established green building sustainability standards.

At market close, Petron shares were unchanged at RM3.69, valuing the group at RM996.3 million. Year to date, the stock has retreated 12.35%.