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Malay Mail
2 days ago
- Business
- Malay Mail
Petronas Chemicals shares slip after posting RM1.08b quarterly loss
KUALA LUMPUR, Aug 14 — Petronas Chemicals Group Bhd (PCG) shares were lower following weaker results in the second quarter ended June 30, 2025 (2Q 2025) after reporting a net loss of RM1.08 billion compared with a net profit of RM777 million a year ago. The integrated chemicals producer said the net loss was due to lower earnings before interest, tax, depreciation and amortisation (EBITDA), asset impairment at Perstorp Holding AB, unrealised foreign exchange loss after revaluing shareholders' loan to Pengerang Petrochemical Company Sdn Bhd (PPCSB) and finance expenses from payment adjustments for trade payables at PPCSB. Its revenue fell by 17 per cent to RM6.44 billion from RM7.73 billion previously, mainly due to lower sales volume, the strengthening of the ringgit against the US dollar and lower product prices. At 10.33am, PCG share price eased two sen or 0.28 per cent to RM3.58 with 3.77 million shares traded. The counter opened at RM3.55. In a research note today, CIMB Securities Sdn Bhd said overall results fell short of its consensus expectations, with the key variance stemming from lower-than-expected plant utilisation. 'We have cut our FY 2025, FY 2026, and FY2027 forecast earnings by 11.8 per cent, 9.1 per cent, and 8.1 per cent, respectively, to reflect the weaker-than-expected 2Q 2025 results. 'We maintain our 'Hold' rating while lowering our target price (TP) to RM3.45 per share,' it added. Maybank Investment Bank Bhd said PCG turning in a net loss in 2Q 2025 is pretty much in line with its views in early July 2025. 'We reiterate our bearish view on the olefins and derivatives (O&D) subsector due to the ongoing regional oversupply glut (mainly from China). 'We make no changes to our FY 2025-2027 earnings forecasts and maintained a 'Sell' rating with a TP of RM2.59 per share,' it said. Hong Leong Investment Bank Bhd (HLIB) said PCG will continue to operate under an oversupply environment, with muted downstream demand continuing to put on pressure on ethylene prices. 'We slash our FYs 2025-2027 profit forecasts by -43 per cent/-27 per cent/-20 per cent to factor in a lower plant utilisation and sales volume for the O&D segment. 'We expect it to remain loss-making due to subdued product prices amid persistent regional oversupply, weak downstream demand across key end markets, and sustained margin compression from unfavourable paraxylene-naphtha spreads,' the report said. It has a 'Sell' rating with TP of RM2.18 per share, it said. — Bernama
Malay Mail
2 days ago
- Business
- Malay Mail
Petronas Chemicals posts RM1.08b 2Q loss on weaker sales, asset impairments
KUALA LUMPUR, Aug 13 — Petronas Chemicals Group Bhd (PCG) posted a net loss of RM1.08 billion in the second quarter ended June 30, 2025 (2Q 2025) from a net profit of RM777 million in 2Q 2024. The integrated chemicals producer said the net loss was due to lower earnings before interest, tax, depreciation and amortisation (Ebitda), impairment of assets at Perstorp Holding AB and unrealised foreign exchange loss from revaluation of shareholders' loan to Pengerang Petrochemical Company Sdn Bhd (PPCSB) and finance expenses arising from adjustments of timing of payment for trade payables at PPCSB. Its revenue fell by 17 per cent to RM6.44 billion from RM7.73 billion previously, mainly due to lower sales volumes, the strengthening of the ringgit against the US dollar and lower product prices. PCG recorded a lower plant utilisation rate of 77 per cent compared to 89 per cent in the corresponding quarter due to feedstock supply disruption at PC Fertiliser Kedah as well as higher plant repair and maintenance activities during the quarter, resulting in lower production volume. For the six month period, PCG also recorded a net loss of RM1.10 billion from a net profit of RM1.45 billion year-on-year, while revenue slipped by seven per cent to RM14.09 billion against RM15.23 billion previously. The lower revenue is largely due to foreign currency translation following the strengthening of the ringgit against the US dollar and lower average product prices. Managing director/chief executive officer Mazuin Ismail said the 2Q 2025 presented several operational challenges, both internal and external, that impacted its plants' performance. Internally, he said PCG proactively shut down PC Ethylene for vessel wall rectification without significantly affecting its commitments to customers. 'We also decided to proactively scale back operations at PC Aromatics due to unfavourable economics. 'On the external front, our plant at PC Fertiliser Kedah was affected by the feedstock supply disruption following the gas pipeline incident at Putra Heights. The disruption has been resolved and operation has been fully restored in June 2025,' he said in a statement. Looking ahead, while market conditions remain challenging, we are confident that our strong fundamentals combined with the initiatives currently underway will continue to strengthen our resilience,' Mazuin added. PCG has declared a first interim single-tier dividend of three sen per ordinary share for the financial year of 2025. The dividend amounting to RM240 million is payable on Sept 10, 2025. — Bernama
Business Upturn
15-05-2025
- Business
- Business Upturn
Potassium Formate Market worth $1.07 billion in 2030, at a CAGR of 6.0%, says MarketsandMarkets™
Delray Beach, FL, May 14, 2025 (GLOBE NEWSWIRE) — The Potassium Formate Market is projected to grow USD 0.77 billion in 2024 and is projected to reach USD 1.07 Billion by 2030, at a CAGR of 6.0%, in terms of value, from 2024 to 2030, as per the recent study by MarketsandMarkets™. During the forecast period, the global potassium formate market is expected to grow rapidly in the coming years, the demand for potassium formate is on the rise due to growing application of potassium formate in various end use industries. The end-use industries of potassium formate are mainly construction, oil & gas, agriculture, food & beverage, industrial and other end use industries. The market is also expected to benefit from new technological advancements in the potassium formate market. Download PDF Brochure: Browse in-depth TOC on 'Potassium Formate Market' 220 – Market Data Tables 54 – Figures 180 – Pages List of Key Players in Potassium Formate Market: Perstorp Holding AB (Sweden) Clariant (Switzerland) Thermo Fisher Scientific Inc (US) Eastman Chemical Company (US) Tetra Technologies Inc (US) ADDCON GmbH (Germany) Dynalene, Inc (US) Hawkins (US) American Elements (US) Hangzhou Focus Chemical Co., Ltd. (China) Drivers, Opportunities and Challenges in Potassium Formate Market: Drivers: Increasing demand for potassium formate in oil & gas end use industry Restraint: High production cost of potassium formate Opportunity: Technological advancements in the potassium formate market Challenge: Limited awareness in emerging economies Get Sample Pages: Key Findings of the Study: Liquid/Brine form potassium formate segment is expected to grow with highest CAGR in terms of value in potassium formate market during the forecasted period. Drilling and completion fluid application is expected to grow with the highest CAGR in terms of value in potassium formate market by application segment during the forecasted period. The demand for potassium formate in construction industry is expected to grow with the second-highest CAGR in terms of value in potassium formate market during the forecasted period. Asia Pacific region is expected to register second-highest CAGR both in terms of value and volume during forecasted period Based on form type, powder form holds the second largest market share in the potassium formate market in 2023, driven by its properties like stability, transportation convenience, and flexibility in application. Potassium formate powder is not hygroscopic, has a longer shelf life, and is convenient to store without leakage or evaporation risk, unlike its liquid/brine equivalent. It is extensively applied in agriculture, construction, and industrial processes where a dry and concentrated form is desired for controlled dosing and formulation flexibility. Based on applications, deicing application accounted for the second-largest share in terms of value in 2023. Widespread use as an environmentally friendly replacement for conventional chloride-based deicers. In contrast to sodium chloride (rock salt) and calcium chloride, which are corrosive to infrastructure, contaminate soil, and pollute freshwater, potassium formate is biodegradable, non-corrosive, and less environmentally detrimental. Its enhanced ice-melting performance at lower temperatures positions it as the preferred option for airport runways, highways, and municipal road maintenance in countries with severe winter conditions, e.g., North America and Northern & Central Europe. Based on the end-use industry, The second-largest demand for potassium formate in 2023 was the construction industry. Due to its critical role in maintaining road safety, infrastructure longevity, and winter construction operations. Unlike traditional chloride-based deicers, which cause corrosion in concrete, steel reinforcements, and asphalt, potassium formate is non-corrosive and environmentally friendly, making it the preferred choice for highways, bridges, tunnels, and airport runways. Many municipalities and transportation agencies in North America and Europe have increasingly adopted potassium formate-based deicing solutions to comply with strict environmental regulations, such as those set by the Federal Highway Administration (FHWA) in the U.S. and the European Chemicals Agency (ECHA). Get Customization on this Report: Based on Region, Europe's potassium formate market is witnessing steady growth, holding the second-largest market share in 2023, driven by its strong regulatory framework, increasing environmental concerns, and widespread adoption in critical applications such as deicing, oil & gas, agriculture, and industrial processes. The European Union's stringent environmental policies, including the EU REACH Regulation and the European Green Deal, have been instrumental in accelerating the transition from traditional chloride-based chemicals to eco-friendly alternatives like potassium formate. This shift is particularly evident in the deicing sector, where potassium formate is increasingly preferred due to its lower environmental impact, reduced corrosion on infrastructure, and superior efficiency in extreme temperatures. Countries such as Switzerland, Germany, Norway, Finland, and Sweden have widely implemented potassium formate-based deicing solutions for highways, airport runways, and rail networks. Major European airports, including Frankfurt Airport and Oslo Gardermoen Airport, have adopted potassium formate deicers due to their effectiveness in reducing metal corrosion and minimizing the risk of groundwater contamination. In addition to that, potassium formate's high biodegradability aligns with the EU's sustainability goals, making it an ideal choice for transportation infrastructure maintenance. Beyond deicing, the oil and gas sector in Europe is a significant driver of potassium formate demand. The North Sea's offshore drilling activities have led to an increased requirement for high-performance drilling and completion fluids, where potassium formate is favored for its high density, thermal stability, and minimal environmental footprint. Companies operating in the region, such as Equinor and Shell, are emphasizing the use of eco-friendly solutions, further propelling potassium formate consumption in the industry. In the agriculture sector, the demand for potassium-based fertilizers is rising as European farmers seek sustainable solutions to enhance crop yields while minimizing soil degradation. Potassium formate serves as an efficient fertilizer additive, providing essential nutrients and improving plant resistance to diseases. Major manufacturers in Europe, including Perstorp Holding AB, Clariant, and ADDCON GmbH, are investing in product innovation and expanding production capacities to meet the growing demand for potassium formate. These companies focus on developing high-purity and customized potassium formate solutions tailored to industry-specific requirements. With increasing regulatory support, technological advancements, and rising adoption in diverse applications, the European potassium formate market is poised for sustained growth in the coming years. Browse Adjacent Markets Bulk Chemicals and Inorganics Market Research Reports Related Reports: Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same.
Yahoo
15-05-2025
- Business
- Yahoo
Potassium Formate Market worth $1.07 billion in 2030, at a CAGR of 6.0%, says MarketsandMarkets™
Delray Beach, FL, May 14, 2025 (GLOBE NEWSWIRE) -- The Potassium Formate Market is projected to grow USD 0.77 billion in 2024 and is projected to reach USD 1.07 Billion by 2030, at a CAGR of 6.0%, in terms of value, from 2024 to 2030, as per the recent study by MarketsandMarkets™. During the forecast period, the global potassium formate market is expected to grow rapidly in the coming years, the demand for potassium formate is on the rise due to growing application of potassium formate in various end use industries. The end-use industries of potassium formate are mainly construction, oil & gas, agriculture, food & beverage, industrial and other end use industries. The market is also expected to benefit from new technological advancements in the potassium formate market. Download PDF Brochure: Browse in-depth TOC on 'Potassium Formate Market' 220 - Market Data Tables 54 – Figures 180 - Pages List of Key Players in Potassium Formate Market: Perstorp Holding AB (Sweden) Clariant (Switzerland) Thermo Fisher Scientific Inc (US) Eastman Chemical Company (US) Tetra Technologies Inc (US) ADDCON GmbH (Germany) Dynalene, Inc (US) Hawkins (US) American Elements (US) Hangzhou Focus Chemical Co., Ltd. (China) Drivers, Opportunities and Challenges in Potassium Formate Market: Drivers: Increasing demand for potassium formate in oil & gas end use industry Restraint: High production cost of potassium formate Opportunity: Technological advancements in the potassium formate market Challenge: Limited awareness in emerging economies Get Sample Pages: Key Findings of the Study: Liquid/Brine form potassium formate segment is expected to grow with highest CAGR in terms of value in potassium formate market during the forecasted period. Drilling and completion fluid application is expected to grow with the highest CAGR in terms of value in potassium formate market by application segment during the forecasted period. The demand for potassium formate in construction industry is expected to grow with the second-highest CAGR in terms of value in potassium formate market during the forecasted period. Asia Pacific region is expected to register second-highest CAGR both in terms of value and volume during forecasted period Based on form type, powder form holds the second largest market share in the potassium formate market in 2023, driven by its properties like stability, transportation convenience, and flexibility in application. Potassium formate powder is not hygroscopic, has a longer shelf life, and is convenient to store without leakage or evaporation risk, unlike its liquid/brine equivalent. It is extensively applied in agriculture, construction, and industrial processes where a dry and concentrated form is desired for controlled dosing and formulation flexibility. Based on applications, deicing application accounted for the second-largest share in terms of value in 2023. Widespread use as an environmentally friendly replacement for conventional chloride-based deicers. In contrast to sodium chloride (rock salt) and calcium chloride, which are corrosive to infrastructure, contaminate soil, and pollute freshwater, potassium formate is biodegradable, non-corrosive, and less environmentally detrimental. Its enhanced ice-melting performance at lower temperatures positions it as the preferred option for airport runways, highways, and municipal road maintenance in countries with severe winter conditions, e.g., North America and Northern & Central Europe. Based on the end-use industry, The second-largest demand for potassium formate in 2023 was the construction industry. Due to its critical role in maintaining road safety, infrastructure longevity, and winter construction operations. Unlike traditional chloride-based deicers, which cause corrosion in concrete, steel reinforcements, and asphalt, potassium formate is non-corrosive and environmentally friendly, making it the preferred choice for highways, bridges, tunnels, and airport runways. Many municipalities and transportation agencies in North America and Europe have increasingly adopted potassium formate-based deicing solutions to comply with strict environmental regulations, such as those set by the Federal Highway Administration (FHWA) in the U.S. and the European Chemicals Agency (ECHA). Get Customization on this Report: Based on Region, Europe's potassium formate market is witnessing steady growth, holding the second-largest market share in 2023, driven by its strong regulatory framework, increasing environmental concerns, and widespread adoption in critical applications such as deicing, oil & gas, agriculture, and industrial processes. The European Union's stringent environmental policies, including the EU REACH Regulation and the European Green Deal, have been instrumental in accelerating the transition from traditional chloride-based chemicals to eco-friendly alternatives like potassium formate. This shift is particularly evident in the deicing sector, where potassium formate is increasingly preferred due to its lower environmental impact, reduced corrosion on infrastructure, and superior efficiency in extreme temperatures. Countries such as Switzerland, Germany, Norway, Finland, and Sweden have widely implemented potassium formate-based deicing solutions for highways, airport runways, and rail networks. Major European airports, including Frankfurt Airport and Oslo Gardermoen Airport, have adopted potassium formate deicers due to their effectiveness in reducing metal corrosion and minimizing the risk of groundwater contamination. In addition to that, potassium formate's high biodegradability aligns with the EU's sustainability goals, making it an ideal choice for transportation infrastructure maintenance. Beyond deicing, the oil and gas sector in Europe is a significant driver of potassium formate demand. The North Sea's offshore drilling activities have led to an increased requirement for high-performance drilling and completion fluids, where potassium formate is favored for its high density, thermal stability, and minimal environmental footprint. Companies operating in the region, such as Equinor and Shell, are emphasizing the use of eco-friendly solutions, further propelling potassium formate consumption in the industry. In the agriculture sector, the demand for potassium-based fertilizers is rising as European farmers seek sustainable solutions to enhance crop yields while minimizing soil degradation. Potassium formate serves as an efficient fertilizer additive, providing essential nutrients and improving plant resistance to diseases. Major manufacturers in Europe, including Perstorp Holding AB, Clariant, and ADDCON GmbH, are investing in product innovation and expanding production capacities to meet the growing demand for potassium formate. These companies focus on developing high-purity and customized potassium formate solutions tailored to industry-specific requirements. With increasing regulatory support, technological advancements, and rising adoption in diverse applications, the European potassium formate market is poised for sustained growth in the coming years. Browse Adjacent Markets Bulk Chemicals and Inorganics Market Research Reports Related Reports: Wire & Cable Companies Ceramic Tiles Companies Graphene Companies Graphite Companies Lubricants Companies CONTACT: About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America's Best Management Consulting Firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. With the widest lens on emerging technologies, we are proficient in co-creating supernormal growth for clients across the globe. Today, 80% of Fortune 2000 companies rely on MarketsandMarkets, and 90 of the top 100 companies in each sector trust us to accelerate their revenue growth. With a global clientele of over 13,000 organizations, we help businesses thrive in a disruptive ecosystem. The B2B economy is witnessing the emergence of $25 trillion in new revenue streams that are replacing existing ones within this decade. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we collaborate with several Forbes Global 2000 B2B companies to keep them future-ready. Our insights and strategies are powered by industry experts, cutting-edge AI, and our Market Intelligence Cloud, KnowledgeStore™, which integrates research and provides ecosystem-wide visibility into revenue shifts. To find out more, visit or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Rohan Salgarkar MarketsandMarkets™ INC. 1615 South Congress Ave. Suite 103, Delray Beach, FL 33445, USA: +1-888-600-6441 Email: sales@ Visit Our Website: in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
