Petronas net profit soars 22 pct to RM55.3 bln in FY2018

MARCH 9, 2019 BUSINESS



KUALA LUMPUR: Petroliam Nasional Bhd’s (Petronas) net profit rose 22 per cent to RM55.3 billion in the financial year ended Dec 31, 2018 (FY18) from RM45.5 billion in 2017, on the back of higher revenue and supported by a net write-back of impairment on assets.

Revenue also increased by 12 per cent to RM251 billion from RM223.6 billion in FY17, 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.

“We have made progress in the pursuit of our long-term strategies and will continue to invest in the future,” he said during the company’s fourth quarter and 2018 financial performance briefing yesterday.

Commenting on oil prices, he said it was expected to remain volatile this year with uncertainties expected to have a significant impact.

Wan Zulkiflee said Petronas’ plans for this year would be based on the oil price of US$66 per barrel.

“We use US$66 per barrel (as a benchmark) for our planning as anticipate a volatile year. As you can see in the past month, the oil production was also quite erratic,” he added.

He said Petronas planned to set aside slightly more than RM50 billion for its capital expenditure (capex) allocation for this year, slightly higher than the RM46.8 billion allotted in 2018..

Upstream activities would see an injection of RM30 billion, while RM15 billion has been allocated for the domestic market.

“Last year, we saw most of the capex spent on the Pengerang Integrated Complex. Some of the capex would 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.

It was reported that Petronas had shown interest in one of India’s largest rooftop solar power producers, Amplus Energy Solutions Pvt Ltd, in a deal that could be worth RM1.56 billion.

— Bernama

Petronas Chemicals’ FY17 pre-tax profit rises to RM5.24 bln

Petronas Chemicals’ FY17 pre-tax profit rises to RM5.24 bln
February 21, 2018, Wednesday



KUALA LUMPUR: Petronas Chemicals Group Bhd’s pre-tax profit for the financial year ended Dec 31, 2017 (FY17) increased to RM5.24 billion from RM4.11 billion in 2016.

Revenue rose to RM14.41 billion from RM13.86 billion previously, the group said in a filing to Bursa Malaysia yesterday.

It said the higher revenue was mainly driven by improved product prices and higher sales volumes, as well as benefitting from the strong US dollar.

“Earnings before interest, taxes, depreciation and amortisation (EBITDA) also increased by RM1.3 billion or 25 per cent to RM6.6 billion and profit after tax increased by RM1.2 billion or 37 per cent to RM4.4 billion, in line with higher revenue,” it said.

Moving forward, Petronas Chemicals said the results of the group’s operations were expected to be primarily influenced by

• global economic conditions, 
• utilisation rate of production facilities and 
• petrochemical products prices which have a high correlation to crude oil prices, particularly for the Olefins and Derivatives Segment.

 — Bernama

Petronas Chemicals Q1 net profit up 12pc

Petronas Chemicals Q1 net profit up 12pc

2011/08/27

KUALA LUMPUR: Petronas Chemicals Group Bhd (PCG) posted a 12 per cent increase in net profit to RM814 million for the first quarter ended June 30 2011.

PCG suggested that it would have made a higher net profit if it wasn't bogged down by maintenance activities and methane gas supply limitations during the quarter.

The setbacks caused group revenue quarter-on-quarter to ease 23 per cent, or RM1 billion, to RM3.3 billion, although on a year-on-year basis, the revenue was up by 6 per cent, or RM183 million.

"Going forward, we remain highly focused on improving our plant utilisation rate. In addition, we are working diligently with our counterparts on feedstock to secure a reliable rate of gas supply to support our operations as we compete in a continuously challenging business environment," PCG president and chief executive officer Dr Abd Hapiz Abdullah said in a statement yesterday.

A single tier final dividend of 19 sen per share, amounting to RM1.52 billion in respect of the financial year ended March 31 2011, was paid to shareholders on Thursday.

PCG has changed its financial year-end from March 31 to December 31 effective April 1 2011. Accordingly, the group's financial statements for the period ending December 31 2011 cover a nine-month period. Thereafter, its financial year will revert to the usual 12 months from January 1 to December 31 .

PCG said during the quarter, methane gas supply limitation had affected the production in the fertilisers and methanol business segment.

On the other hand, the supply of ethane and propane was unaffected and continued to support the operations of the olefins and derivatives segment, a key contributor to group revenue.

However, as the group had undertaken maintenance activities during the quarter, production volume declined inevitably.

Nonetheless, higher product prices and lower feedstock costs lifted the group's operating profit by RM114 million, or 13 per cent, year-on-year to RM981 million.

PCG's ebitda (earnings before interest, tax, depeciation and amortisation) rose 14 per cent year-on-year to RM1.24 billion in the current quarter from RM1.09 billion.

Its ebitda decreased by RM262 million from RM1.50 billion in the preceding quarter. However, ebitda margin in the current quarter improved to 37.1 per cent from 34.6 per cent.