KOMPAS.com - Malaysia's state oil firm Petroliam Nasional Berhad or Petronas, posted its financial performance for the 2022 fiscal year.
Based on the company’s report, Petronas recorded a surge in profit in the fourth quarter of 2022, nearly double compared to the same period of the previous year.
According to Reuters, Petronas reported a profit of 24.4 billion ringgit ($5.44 billion) for the three-month period ending December 2022, compared with a profit of 15.7 billion ringgit in the same quarter a year ago.
Furthermore, during the 2022 period ending on Dec. 31, Petronas reported a record-breaking net profit of 101.6 billion ringgit.
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At the end of 2021, Petronas recorded a profit after tax of 50.9 billion ringgit. This means that Petronas posted a 51 percent increase in its net profit compared to 2021.
The Star reported this amount allows the national oil company to provide dividends of 50 billion ringgit to the federal government as the sole shareholder.
For 2022, Petronas joined other oil major firms in posting record financials: revenue surged 51 percent to 375.3 billion ringgit, while profit doubled to 101.6 billion ringgit.
With the average Brent crude oil price of $101.31 per barrel in 2022, or about 43 percent higher than in 2021, Petronas' revenue also increased.