KUALA LUMPUR, March 2 2018 : Petroliam Nasional Bhd (Petronas) has committed to pay RM19 billion in dividend to the government for 2018, higher than RM16 billion in 2017.
President/Chief Executive Officer, Tan Sri Wan Zulkiflee Wan Ariffin, said Petronas has allocated RM55 billion for capital expenditure (capex) compared with last year’s RM44.5 billion.
“Petronas’ continuing drive for higher productivity and operational excellence have placed the group in a stronger position to execute its long-term strategy,” he said at a media briefing on the company’s 2017 financial performance here today.
Wan Zuikiflee said Petronas would fully utilise its assets and expand its core oil gas business through an integrated business model and growing its resource base for the group to secure its future.
“These strategies will see Petronas grow in geographically strategic regions like ASEAN, the Indian sub-continent, West Asia and the Americas,” he said.
For the financial year ended Dec 31, 2017, net profit surged by 91.2 per cent to RM45.4 billion compared with RM23.8 billion in 2016.
Revenue increased by 14.6 per cent to RM223.6 billion against last year’s RM195.1 billion.
The strong results were attributed to higher average realised selling price recorded for major products coupled with the effect of the weaker ringgit against the US dollar. – Bernama