PETRONAS pays RM50bil dividend on record-breaking profits

A sign for a Petroliam Nasional Bhd (Petronas) gas station stands near the Petronas KLCC Twin Towers in Kuala Lumpur, Malaysia. - Goh Seng Chong/Bloomberg

KUALA LUMPUR: Petroliam Nasional Bhd (PETRONAS) reported record-breaking profit after tax (PAT) of RM101.6bil in the financial year ended Dec 31, 2022 (FY22), on the back of higher crude oil prices.

The PAT nearly doubled from RM50.9bil a year earlier, enabling the national oil company to deliver a dividend of RM50bil to the federal government - its sole shareholder.

With Brent grade crude oil price averaging US$101.32 per barrel in 2022, some 43% higher than 2021, PETRONAS’ revenue increased by 51% year-on-year to RM375.3bil.

The average Brent crude oil price in 2021 was US$70.91 per barrel.

ALSO READ: Petronas posts higher Q4 profit, sees lower oil prices in 2023

Moving forward, PETRONAS president and group CEO Datuk Tengku Muhammad Taufik said the group will continue to exercise prudent financial management and firm discipline in reinvesting.

“To this end, PETRONAS must remain resolute in providing energy that is secure, affordable and accessible towards uplifting communities and supporting countries to achieve their net zero ambitions.

“PETRONAS is determined to do this steadfastly through stronger partnerships with our stakeholders, partners, local oil and gas services and equipment players and customers across the globe,” he said during a press briefing on Monday.

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