KUALA LUMPUR, March 8 — State oil firm Petronas reported today a 22 per cent increase in net profit to reach RM55.3 billion for the financial year ending December 31, 2018.
Petronas president and group chief executive officer Tan Sri Wan Zulkiflee Wan Ariffin credited this to continuing efforts to improve operating and commercial efficiency.
“We have made progress in the pursuit of our long-term strategies and continue to invest in the future,” he said.
In the results announced today, fourth quarter revenue rose 13 per cent year-on-year to reach RM69.9 billion.
Wan Zulkiflee said the group’s cash reserves also jumped to RM181 billion in 2018, up from RM136.5 billion in 2017.
Petronas’s total assets also increased to RM636.3 billion in the 2018 financial year or 14 per cent better than the previous.
For 2019, he said Petronas was cautiously optimistic.
“We will remain focused on driving high performance, efficiency, and operational excellence and continue to deliver value to our stakeholders and ensure Petronas’ long-term sustainability,” he said.
On the RM54 billion dividend to the government, he said this will be paid in tranches.
He gave his assurance that the state oil firm could comfortably afford the payments, saying it would have declared this otherwise.
