KUALA LUMPUR: Petron Malaysia Refining & Marketing Bhd (Petron) returned to the black in the financial year ended Dec 31, 2021 (FY2021) with a net profit of RM238.47 million, compared with a net loss of RM13.3 million in the previous year.

       The company’s revenue surged to RM9.2 billion from RM6.5 billion previously.

       Petron said the stronger revenue was due to the higher sales volume of 7.2 million barrels compared to the 6.8 million barrels sold in the same period in the prior year on domestic demand recovery for fuel.

       "While oil demand recovers due to the easing of pandemic restrictions globally and at the same time supply constraints continue, the benchmark Brent crude oil increased to an all-year high averaging US$80 per barrel in the fourth quarter of 2021 from US$44 per barrel in the prior year,” it said in a stock filing exchange with Bursa Malaysia.

       Petron said the rebound in global oil demand is expected to continue amid economic recovery towards the pre-pandemic level.

       However, the anticipated recovery may still be affected by the volatility in oil markets due to the projected tightness in supply as well as emerging political tensions in Eastern Europe and the Middle East, which may push oil prices higher, it said.

       "On the other hand, the risk on the resurgence of new COVID-19 variants of concerns may pose renewed threats on demand and dampen economic recovery,” it added. - Bernama