KUALA LUMPUR — March 8, 2019: The net profit for Petronas last year rose 22 per cent to RM55.3 billion on the back of higher revenue and supported by a net write-back of impairment on assets.
Revenue increased by 12 per cent to RM251 billion mainly due to higher average realised prices for all key products.
President and group chief executive officer Tan Sri Wan Zulkiflee Wan Ariffin said the company recorded a strong financial performance in 2018, supported by its ongoing drive to increase operational efficiency and commercial excellence.
On oil prices, he said it was expected to remain volatile this year with uncertainties expected to have a significant impact. The company’s plans for this year will be based on a price of US$66 per barrel.
The national oil company also announced it will deliver RM54 billion in dividend to the government, including a special tax exempt dividend of RM30 billion declared last November. A final tax exempt dividend of RM24bil will be tabled for shareholders approval at the forthcoming general meeting.
Upstream activities will see an injection of RM30 billion and RM15 billion will be for the domestic market.
“Last year, we saw most of the capex spent on the Pengerang Integrated Complex. Some of the capex will be used to venture into renewable energy.
“This is because oil is a depleting source and I think we have to allocate capex for whenever the opportunity is available, and India is one of them, and Malaysia as well,” Wan Zulkiflee said. — Bernama