Petronas Chemicals share price up on higher profit

A Malaysian motorist pumps his vehicle with gasoline at Petronas petrol station in Kuala Lumpur, Malaysia, Tuesday, July, 15, 2008. Malaysia's national oil company Petronas reported Tuesday a record annual profit and said it is assessing the viability of a proposed gas project in Iran following the pullout of French energy giant Total SA. Net profit soared 31.5 percent to 61 billion ringgit (US$19 billion) in the financial year ended March 31, on the back of a 21 percent jump in revenue to 223.1 billion ringgit (US$69.7 billion), said Petronas Chief Executive and President Hassan Marican. (AP Photo/Lai Seng Sin)

 Petronas Chemicals Group Bhd’s share price up 0.66% or 6 sen this morning, after its net profit jumped 27.9% to RM1.29 billion for the fourth quarter ended Dec 31, 2018 (Q4). As at 11.56am, the stock stood at RM9.22 with 2.93 million shares changing hands. The group said the higher profit was due to lower tax expenses and higher share of profits from joint ventures and associates.

Its revenue also increased by 6.8% to RM5.06 billion compared with RM4.74 billion in the previous year’s corresponding quarter.

It has proposed to declare a second interim dividend of 18 sen per share amounting to RM1.44 billion in respect of the financial year ended Dec 31, 2018.