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Malaysia’s Petronas Posts Higher Profit in 2022

March 14, 2023, 05.24 PM - 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.

Also read: Indonesia’s Pertamina Could Post Profit in Second Half: Research Institute

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.

Higher revenue

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.

Founded in 1974, the Malaysian oil firm managed to record its highest revenue in history, amounting to 375.3 billion ringgit in 2022, up 51 percent from 248 billion ringgit in 2021.

Petronas’ Chief Executive Officer Tengku Muhammad Taufik said he expects prices to correct this year.

Also readIndonesia Achieves Oil and Gas Production Target in First Semester

"As demand recovery is still fragile, based on supply challenges, this means volatility," he said during a news conference.

Petronas also said the company will continue to exercise prudent financial management and firm discipline in reinvesting.

Capital expenditure for 2023-2027 will be increased to about 300 billion ringgit from 208.5 billion ringgit in 2018-2022, it said.

They foresee raising capital expenditures through partnerships, mainly energy investors, rather than through capital markets, Tengku Taufik said.

Meanwhile, up to 20 percent of its annual capital expenditure, or up to 12-15 billion ringgit per year, will be committed to de-carbonization and energy transition.

This article has been translated from Indonesian, partly with the help of an artificial intelligence tool.

(Writer: Mela Arnani | Editor: Mela Arnani)


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