- Solid operational and commercial performance despite global headwinds
- Accelerates growth with key projects and global expansion
- Total dividend payout of RM1 billion for FY2024
KUALA LUMPUR, 22 April 2025 – PETRONAS Chemicals Group Berhad (PCG) today held its 27th annual general meeting (AGM) to present the Company’s performance to its shareholders for the financial year ended 31 December 2024. The AGM was chaired by PCG Chairman, Datuk Sazali Hamzah, with all the Board members; PCG Managing Director/Chief Executive Officer, Mazuin Ismail; and Chief Financial Officer, Mohd Azli Ishak, in attendance. In addition, Mazuin shared the Company's performance, growth plans and outlook for 2025.
Improved Operational and Commercial Performance
In 2024, PCG demonstrated strong operational and commercial resilience despite significant challenges, including geopolitical disruptions, rising energy costs, and continued market oversupply. These factors led to inflationary pressure and slowed economic growth, further impacting the already competitive chemicals industry.
Operationally, PCG achieved a solid performance, with a plant utilisation rate of 91 per cent in 2024, surpassing the world-class benchmark of 90 per cent. The Group achieved its highest total production volume of 11.2 million tonnes per annum with increased contribution from the specialty chemicals segment. These achievements were driven by proactive efforts to boost plant efficiency, minimise equipment downtime, strengthen asset reliability programmes and implement advanced digital solutions for predictive analytics in operational performance monitoring.
On the commercial front, PCG achieved a record sales volume of 10.4 million metric tonnes in 2024, representing a 27 per cent increase over the past five years. This growth highlights its strong market position and commitment to commercial excellence, further reflected in a 95 per cent Order Fulfilment Reliability in the Commodities segment, exceeding the industry benchmark of 90 per cent. Strategic sourcing and partnerships in key markets like China, Thailand, and Indonesia have strengthened its value proposition and enhanced its ability to serve customers reliably in their local markets.
Commenting on PCG’s performance, Mazuin said, “PCG's ability to achieve strong operational and commercial performance despite a challenging environment is a testament to our focus, discipline and commitment to excellence. The proactive efforts in enhancing efficiency, reliability, and capabilities have significantly contributed to our resilience, ensuring we deliver superior product quality and timely services to our customers.”
Delivering growth
Delivering on growth commitments remained a priority in 2024. A major milestone under the Olefins and Derivatives segment, was the start of commercial operations at the Pengerang Petrochemicals Company in Johor – PCG’s largest growth project in partnership with Aramco – producing polymers and glycols used in everyday consumer products. Also, in Pengerang, the Isononanol plant achieved on-spec production and is on track for full operations in 2025. PCG is also extending the value chain of its Fertiliser and Methanol segment with the upcoming completion of its Melamine plant in Gurun, Kedah. The plant will offer product flexibility, capture higher-value opportunities, and position PCG as Southeast Asia’s sole melamine producer, reducing the region’s reliance on imports.
PCG also marked significant progress through several strategic partnerships. Commercial operations commenced for its joint venture with PCC SE in Kertih, Terengganu, producing Specialty Ethoxylates and Polyether Polyols for high-growth sectors like automotive and personal care. In Gebeng, Pahang, the Company doubled its 2-ethylhexanoic (2-EH) Acid capacity to support growing demand for synthetic lubricants and oil additives.
Together, these projects are expected to increase PCG’s total production by approximately 1.8 million tonnes annually, reinforcing its long-term commitment to downstream growth and value creation.
In the specialty chemicals segment, PCG continues to address key market demands by leveraging synergies with existing assets. Through integration with the Isononanol plant in Pengerang, Perstorp’s oxo chemicals portfolio has expanded, strengthening PCG’s position in the Asia Pacific plasticiser market. The launch of Pevalen™ Pro 100, a next-generation sustainable plasticiser derived from renewable carbon, sets a new industry benchmark by offering a fully renewable, high-performance solution for the soft plastics sector, particularly in automotive and medical applications. Additionally, PCG introduced Emfinity™, a bio-based moisturising ingredient for personal care formulations, which has received positive feedback from renowned cosmetic brands, further reinforcing PCG’s commitment to innovation and growth in high-value, sustainable markets. Furthermore, the acquisition of OQ Chemicals Nederland B.V. expands PCG's capability to manufacture a range of synthetic esters for transformer fluid, thereby creating a more substantial presence in the Engineered Fluids segment.
Building on this momentum, PCG continues to strengthen its global presence by expanding into high-growth regions to enhance market reach and customer proximity. The establishment of a new regional office in Türkiye supports its growing position in Europe. In Asia, a newly commissioned certified sustainable Pentaerythritol and Calcium Formate Plant in Bharuch, India, enhances cost competitiveness and meets rising local demand, supporting broader regional expansion.
Creating value for stakeholders
In 2024, PCG faced a challenging operating environment but remained resilient and agile, retaining profitability and delivering value for shareholders. PCG recorded its highest ever revenue at RM30.7 billion, driven by increased sales volumes across all segments, improved product prices, and contributions from petrochemical operations in Pengerang, Johor. Despite a decline in Earnings Before Interest, Taxation, Depreciation and Amortisation (EBITDA) to RM3.5 billion; mainly driven by lower product spreads, the Company remained in a robust and healthy financial position. This resilience enabled PCG to balance between continued investments in growth projects and maximise distribution to its stakeholders, with the highest dividend payout ratio of 88.5 per cent.
“We continue to operate in an increasingly uncertain global environment, intensified by trade tensions and ongoing market volatility. While we observed some improvement in commodities prices and a modest recovery in specialty chemicals demand during the first quarter of 2025, the overall outlook remains cautious. In response, we are doubling down on operational and commercial excellence; focusing on safety, cost optimisation, and asset reliability to strengthen our resilience.”
“At the same time, we continue our stringent financial discipline and prudent capital spending. Our growth strategy focuses on building a robust project pipeline that responds to evolving industry dynamics, while leveraging our global innovation network to deliver cutting-edge solutions. Through these efforts, PCG remains strongly committed to long-term value creation for our stakeholders and to stay competitive in an increasingly challenging environment,” concluded Mazuin.
Digital versions of PCG’s 2024 Reports; Integrated Report, Sustainability Report and Financial Report are available here at https://www.petronas.com/pcg/media/reports and Bursa Malaysia’s website at www.bursamalaysia.com under Company’s announcements.
