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Petronas Records Best-Ever Performance In FY2022, Net Profit Soars 51Pc

Petroliam Nasional Bhd (Petronas) posted its strongest financial performance with a net profit of RM101.6 billion in the financial year ended Dec 31, 2022 (FY2022), up 51 per cent against RM50.9 billion a year ago, on the back of favourable market conditions last year.

The national oil company recorded an all-time high revenue of RM375.3 billion in FY2022 from RM248.0 billion year-on-year (y-o-y), a jump of 100 per cent mainly due to the favourable price impact for major products aligned with higher benchmark prices.

Petronas president/group chief executive officer Datuk Tengku Muhammad Taufik Tengku Aziz said while 2022 enabled the group to favourably capitalise on oil and gas upsides, last year also signalled heightened supply-demand volatility driven by sudden shifts in the market and an accelerated energy transition.

Petronas’ cash flows from operating activities (CFFO) increased to RM135.3 billion, while capital investments (capex) stood at RM50.1 billion contributed by upstream and downstream projects.

The company’s total assets strengthened to RM710.6 billion as at Dec 31, 2022.

Its shareholders’ equity increased to RM401.6 billion as at Dec 31, 2022, mainly attributable to the profit recorded during the year.

Petronas group chief financial officer Liza Mustapha said while the bulk of the revenue generators was in Malaysia, 74 per cent of the revenue was realised through export and international operations.

She added that domestic capex increased by 24 per cent with achieved final investment decision (FID) for 16 projects, while the group’s total borrowings stood at RM104 billion.

Petronas recorded a total daily production average of 2,434 thousand barrels of oil equivalent (boe) per day in 2022, higher than 2,275 thousand boe per day in 2021, mainly driven by overall improved demand for gas in Peninsular Malaysia coupled with realised opportunities and better performance from international operations.

The group also achieved 37 first hydrocarbons, 26 FIDs, and nine exploration discoveries in Malaysia and overseas, said Petronas.

Moving forward, Liza said the oil and gas industry could potentially see prices moderating in 2023 given an anticipated economic slowdown, even as it contends with prolonged market volatility.

“In this environment, the company will continue to drive operational excellence in its core business while it pursues its growth and sustainability targets,” she added. — BERNAMA

BacalahMalaysia Team

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