Petronas FY22 profit surges to record high on higher oil prices-Xinhua

Petronas FY22 profit surges to record high on higher oil prices

Source: Xinhua| 2023-03-14 09:49:45|Editor: huaxia

KUALA LUMPUR, March 14 (Xinhua) -- Malaysia's state-owned oil and gas firm Petroliam Nasional Bhd (Petronas) has said that it posted a record high profit after tax in the financial year ending on Dec. 31, 2022 (FY22), underpinned by higher oil prices.

Petronas said that the group's profit after tax for FY22 almost doubled to 101.6 billion ringgit from 50.9 billion ringgit a year ago.

The group's revenue for the year also surged 51.33 percent to 375.3 billion ringgit from 248 billion ringgit a year ago, mainly due to the favorable price impact for major products aligned with higher benchmark prices.

The group's capital investments for the year stood at 50.1 billion ringgit, contributed by upstream and downstream projects.

On outlook, Petronas 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, Petronas will continue to drive operational excellence in its core business while it pursues its growth and sustainability targets," it said. (1 ringgit equals 0.22 U.S. dollar)