was at 599 USD/ton, improved by 134 USD/ton or 29% from 2Q/2018 and increased by 26 USD/ton or 5% from 1Q/2019. In summary, market for 1H/2019 vs. 1H/2018, crude palm kernel oil price stood at 615 USD
) Reference Price of Malaysian Palm Oil Board (MPOB) Average crude palm kernel oil price (MPOB) in 4Q2019 was at 742 USD/ton, increased by 25 USD/ton or 3% from 4Q2018 and improved by 181 USD/ton or 32% from
pressure on crude palm kernel oil price. Natural fatty alcohols demand in 1Q2019 improved from 1Q2018 and 4Q2018 due to more attractive natural fatty alcohols price than synthetic fatty alcohols price as
oil price gradually improved in this quarter from December 2018’s level, portions of the crude feed in Q1/2019 still reflects the oil price in Q4/2018 which has a higher average price than this quarter
| 2 Executive Summary In 3Q/2019, overall palm oil production and crude palm oil (CPO) inventory remained high in both domestic and international market, thus crude palm oil (CPO) and crude palm kernel
. Total GRM increased by 5% YoY and 17% QoQ from the improved Market GRM that rose due to significant increase of production after the turnaround maintenance (TAM) , combined with crude cost that benefited
). Total Gross Refinery Margin (Total GRM) rose 67% YoY and 26% QoQ, while Market GRM lowered from the decreasing production volume. Moreover, the average crude price adjusted upward in the quarter, leading
sales volumes plus greater main raw material costs from higher crude oil price and tight market supply. However, the overall spread margin was improved and bring 23.9% gross profit margin comparing to
lower sales volume across all product due to major plant turnaround in Q2 2018. However, the overall selling price improved, especially for Caustic Soda and Epichlorohydrin due to the limited export
the improved selling price across all products, especially for Epichlorohydrin (“ECH”) caused by limited export from China and PVC from better market condition. Analysis of Cost and Expenses 1. In Q3