Untung bersih SD Guthrie naik 16% kepada RM2.32 bilion

SD Guthrie reported a net profit of RM2.32 billion for the first nine months of the year, marking a 16% increase from RM2.01 billion in the same period last year. The company stated that it will maintain a strong financial performance throughout the year, driven by increased contributions from upstream, midstream, and industrial development segments.

Overall, PBIT rose 13% to RM3.25 billion from RM2.89 billion, although the overall profit fell 2% to RM15.03 billion. However, third-quarter profit declined 17% to RM773 million compared to RM935 million. Segments such as drilling rigs and crude oil and condensate saw an 8% increase in operating expenses, while the average prices of crude oil and raw crude increased by 3% and 7% to RM4,340 and RM3,342 per metric ton, respectively.

The industrial development segment also reported a PBIT of RM770 million for the first nine months of the year, up 78% compared to the same period last year, supported by strategic land banking and a growing development portfolio. Norzrul Thani Nik Hassan, the company's chairman, praised the company's performance as a testament to disciplined execution and operation management.

He believes that the company's strong and consistent earnings performance, combined with its new leadership capabilities, will continue to drive growth and create value for shareholders. SD Guthrie president and CEO Haris Arshad said that increased output, resilient commodity prices, and higher contributions from the industrial development segment are the main drivers of the company's performance.

He added that the company will continue to diversify its revenue sources to strengthen long-term growth. While downstream operations, which include crude oil gathering and processing, contributed RM286 million in PBIT, the condensate and oleochemical segments contributed RM59 million. As for future prospects, SD Guthrie expects crude oil prices to remain stable with potential further increases by 2027, despite high inventories and slower export demand, which may put downward pressure on the market in the short term.

Lower seasonal production is expected to help reduce inventories, while Indonesia's biodiesel mandate and high crude oil prices may support demand and crude oil prices. However, the potential El Niño phenomenon poses a risk to downstream earnings and crude oil supply in the future.