Country Monitor

Petronas net profit soars 22pc to RM55.3b in FY18

Source: Dream

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.

Meanwhile, 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 here today.

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.

Source: New Straits Times