Financial Information

Condensed Statement of Comprehensive Income

Condensed Statement of Financial Position

Financial review for current quarter

The Company recorded higher quarter-on-quarter revenue in Q1 2026, driven by increased average selling prices across all main products, as well as higher sales volumes. By comparison, sales volumes in Q1 2025 were lower due to the scheduled pit-stop maintenance completed in mid-January 2025. The Company reported an operating profit of RM713 million and a net profit of RM526 million for the quarter, compared with an operating loss of RM28 million and a net loss of RM170 million in Q1 2025.

Overall profitability improved, supported by higher production and sales volumes attributable to stable plant operations and disciplined operational execution, in addition to lower finance costs.

Product prices increased across all main products during the quarter amid heightened geopolitical tensions in the Middle East.

Financial review for current quarter compared with immediate preceding quarter

Revenue in Q1 2026 increased to RM4.63 billion from RM3.66 billion in the preceding quarter, Q4 2025 despite a weakening of the USD against the MYR during the quarter. Net profit in Q1 2026 was higher at RM526 million as compared to the preceding quarter, Q4 2025, RM60 million.

The improved performance was supported by efficient operational execution, stable plant performance and disciplined risk management strategies, which enabled the Company to optimise its product mix and capture higher product margins including gasoil and jet fuel.

Product prices were higher during the quarter amid ongoing concerns over the Middle East conflicts

Prospects

The ongoing geopolitical tensions in the Middle East, which began in February 2026, have caused disruptions to crude oil supply from that region and led to significant volatility in global oil prices. The outlook for the downstream refining industry in the current year is expected to remain influenced by global demand and supply dynamics. Refining margins are anticipated to remain sensitive to shifts in supply conditions, seasonal demand patterns, and developments in key refining plants and producing regions.

While market uncertainties and global oil price volatility are anticipated to persist, the Company will closely monitor market conditions and strengthen financial risk management and hedging strategies to manage volatility while continuing to focus on enhancing operational efficiency and maintaining plant stability to capture opportunities and improve overall performance.