PETRONAS Chemicals Group Berhad

PETRONAS Chemicals Group Berhad is a Malaysian chemicals producer headquartered in Kuala Lumpur and listed on Bursa Malaysia under the ticker PCHEM, operating across three segments: Olefins & Derivatives, Fertiliser & Methanol, and Specialties. Its fertiliser and methanol business produces urea and methanol for markets across the Asia Pacific region, where demand and prices held comparatively stable through 2024.

For the financial year ended 31 December 2024 the group recorded revenue of RM30.7 billion, up 7 percent on sales volume growth across all three segments, while EBITDA declined 7 percent to RM3.5 billion and profit after tax fell 26 percent to RM1.3 billion amid lower product spreads and higher operating costs. Average plant utilisation improved to 91 percent from 85 percent in 2023 despite turnaround activities at four manufacturing plants, and the total dividend declared for FY2024 amounted to RM1.0 billion, representing 89 percent of profit after tax and non-controlling interests.

The Pengerang Petrochemical Company joint venture, which adds olefins capacity, commenced commercial operations on 30 November 2024 and contributed production volume growth to the olefins and derivatives segment. Management noted that a chemical sector downcycle extended longer than initially anticipated amid capacity oversupply in Northeast Asia, with fertiliser and methanol products providing a comparatively stable earnings base through the cycle.