Petronas president and group CEO Tan Sri Wan Zulkiflee Wan Ariffin said the improved performance in Q1 demonstrated the strength of its three-pronged strategy and resolute execution focused on continuous overall business improvement as well as commercial and operational excellence.
KUALA LUMPUR: Petroliam Nasional Bhd's profit after tax rose by 9% to RM14.2bil due to higher revenue in the first quarter ended March 31, 2019.
The national oil company said on Friday the net profit's growt was partially offset by increased net product and production costs, lower net write-back of assets impairment and higher contribution to the National Trust Fund.
Petronas' revenue increased by 7% to RM62bil from RM57.9bil a year ago.
“The revenue was driven by higher sales volume for petroleum products and LNG, coupled with the effect of the weakening ringgit against the US dollar exchange rate.
However, these were partially offset by lower average realised prices, mainly for petroleum products, crude oil and condensates,” it said.
Petronas' earnings before interest, tax, depreciation and amortisation (Ebitda) registered a growth of 11% to RM27.8bil compared to RM25bil a year ago in line with higher profit before tax.
Petronas said the robust Q1 financial performance was underpinned by its three-pronged strategy to maximise cash generation, extend its value chain and step out into new ventures.
The results were further supported by the Group’s continuous pursuit of operational excellence and fiscal discipline.
Petronas president and group CEO Tan Sri Wan Zulkiflee Wan Ariffin said the improved performance in Q1 demonstrated the strength of its three-pronged strategy and resolute execution focused on continuous overall business improvement as well as commercial and operational excellence.
“Looking ahead, while facing market uncertainties, we will continue to invest for the future and have recently expanded our Upstream portfolio through our equity acquisition of the Tartaruga Verde field in Brazil.
“Our strategic intent to venture beyond oil and gas has also made significant progress with our recent investments in renewables and specialty chemicals,” it said.
Petronas also recorded a 6% increase in cash flows from operations to RM23.2bil from RM21.9bil.
The group’s capital investment during Q1 was RM8.3bil mainly attributable to upstream projects.
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