Petron Turns To Net Loss Of RM35 Mln In 1Q 2026

KUALA LUMPUR, May 21 (Bernama) -- Petron Malaysia Refining and Marketing Bhd turned to a net loss of RM35.04 million in the first quarter ended March 31, 2026 (1Q 2026), compared with a net profit of RM81.03 million in the same quarter last year.

In a filing with Bursa Malaysia today, Petron said the net loss was primarily attributed to the absence of production as Port Dickson Refinery remained on shutdown following the collapse of its product jetty during tropical storm Senyar last November 2025.

“The unprecedented West Asia war in March 2026, which significantly disrupted oil supply and market prices, also resulted in increased supply costs, contributing to the net loss,” it added.

Petron said its revenue for the quarter under review fell to RM2.94 billion from RM3.67 billion in 1Q 2025, mainly driven by lower sales volume.

It said total sales volume fell by 25 per cent to 6.9 million barrels in 1Q 2026 from the prior year’s 9.2 million barrels in the absence of exports due to refinery shutdown.

“Nevertheless, the company ensured supply availability of controlled products such as gasoline, diesel and liquefied petroleum gas in the domestic market amidst the ongoing oil supply crisis brought about by the war, by transitioning into full importation mode and local purchases.

“With the sudden jump in crude prices, sourcing of refined products from the region also became tight amidst product prices surging at record highs, impacting the company’s supply cost,” it added.

On prospects, Petron said it has started limited and intermittent refinery operation to process its exiting “in-tank” crude inventories to supplement product availability in the market as part of its commitment to national energy security amid the ongoing crisis.

“This comes with the ongoing efforts to address all operational constraints, including securing crude supply to enable more stable refinery operation while waiting for the new replacement jetty.

“Petron believes that the current market conditions can improve moving forward while it also addresses its operational constraints in parallel,” it said.

-- BERNAMA