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Singapore Investment


Petronas doubles dividend payout to RM50b as 2Q profit jumps 140% to RM23b

KUALA LUMPUR (Aug 30): Petroliam Nasional Bhd (Petronas) saw its profit after tax (PAT) for the second quarter ended June 30, 2022 (2QFY22) jump 140% to RM23 billion, from RM9.6 billion for the same quarter last year, in tandem with higher revenue partially offset by increases in product costs and taxation.

Quarterly revenue climbed 63.4% to RM93.3 billion, from RM57.1 billion for 2QFY21, predominantly due to the favourable price impact on all products and a positive exchange rate.

The company also declared dividends of RM50 billion, double the RM25 billion payout last year.

The strong performance was mainly attributed to elevated oil and gas prices arising from a widening supply gap and dwindling system capacity, said Petronas in a statement on Tuesday (Aug 30).

Earnings before interest, tax, depreciation and amortisation (Ebitda) for the quarter under review almost doubled to RM43.1 billion, from RM23.2 billion for 2QFY21.

For the first six months ended June 30, 2022 (1HFY22), PAT jumped 146.8% to RM46.4 billion from RM18.8 billion, in line with higher revenue, following an upward trend in prices partially offset by higher product costs.

Six-month revenue was higher at RM172.1 billion, against RM109.6 billion a year earlier, mainly due to the favourable price impact on major products aligned with higher benchmark prices.

Cumulative Ebitda for 1HFY22 improved to RM82.7 billion from RM46 billion, mainly attributable to higher revenue. However, this was partially offset by an increase in product costs and other operating expenses.

Cash flows from operating activities stood at RM62.4 billion, compared with RM32.7 billion previously, in line with higher cash from operations.

Total assets strengthened to RM699.5 billion as of June 30, 2022, compared with RM635 billion as of Dec 31, 2021, mainly due to higher cash and fund investments and receivables.

Shareholders’ equity increased to RM375.6 billion as of June 30, compared with RM350.8 billion as of Dec 31, mainly attributable to profit recorded during the period.

Capital expenditure (capex) amounted to RM18.9 billion, mainly contributed by upstream projects. Overall capex spent during the quarter was reflective of the volume of activities returning to pre-pandemic levels, noted Petronas.

Meanwhile, the prolonged geopolitical tensions, energy supply-demand imbalances and the risk of a global slowdown continue to threaten post-pandemic economic recovery. Petronas said it remains steadfast in strengthening its core portfolio, while pursuing its growth strategy and sustainability agenda at pace, and resilience.


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