Financial Information

Condensed Statement of Comprehensive Income

Condensed Statement of Financial Position

Financial review for current quarter

The Company reported a decrease in revenue for the current quarter (“Q1 2025”), primarily due to lower products prices and sales volume as a result of lower plant availability following the scheduled year-end pitstop maintenance exercise in December 2024, which was completed in mid-January 2025.

While the hedging position has reduced losses in Q1 2025, the Company’s overall performance was affected by the softer products prices across all its three main products. Higher stockholding losses amid high volatility in oil price movements and higher operating costs underpinned by the scheduled year-end pitstop maintenance exercise in 2024 further deepened the losses.

Financial review for current quarter compared with immediate preceding quarter

The revenue in Q1 2025 achieved lower as compared to the preceding quarter, Q4 2024, was mainly due to the decrease in sales volume resulting from plant availability following the planned pitstop maintenance exercise taken place in end of December 2024.

The results for Q1 2025 were attributable to softer product cracks for Mogas, higher feedstock costs from the rising crude premiums, and unfavorable stockholding positions amid high volatility in oil prices. Where else, the profit recorded in Q4 2024 was contributed by the improvement on the product crack margins and increased in inventory valuation amid favourable movements in oil prices.

Prospects

The global oil market remains highly volatile, driven by geopolitical tensions and uncertainty in the global economic outlook. Escalating global trade issues affecting economic growth and the oil demand landscape, threatening to disrupt the fragile balance between crude oil supply and demand and crack margins. On the supply side, an unexpected and larger-than-anticipated increase in output by the OPEC+ has added further downward pressure on oil prices.

The Company continues to closely monitor market conditions and remains focused on continuous operational efficiency, maintaining product quality, prudent hydrocarbon hedging strategies, and implementing financial risks strategies to capture opportunity and improve overall performance.