Petroliam Nasional Bhd (Petronas) revenues upped by 15% during the company's 2017 financial year which ended on
December 31 to stand at RM 223.6 billion against RM 195.1 billion in 2016.
In a press release on Friday, Petronas said its Profit After Tax (PAT) jumped by 91% in 2017 at RM45.5 billion, compared to RM23.8 billion in 2016. The increase was achieved on the back of higher revenue, lower net impairment on assets and well costs and continuous efforts to optimize costs in 2017.
Cumulative 2017 Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) rose to RM92.0 billion compared to RM70.7 billion recorded in 2016, in line with higher profits.
Cash flows from operating activities upped 41% in 2017 to record RM75.7 billion against RM53.8 billion in 2016.
Capital investments for 2017 totaled RM44.5 billion, mainly attributable to the Refinery and Petrochemical Integrated Development (RAPID) Project in Johor.
In the fourth quarter of the 2017 FY, Petronas also recorded an improved performance, largely driven by the upward trend of key benchmark prices and better margins.
The group’s revenue rose to RM61.8 billion, 14% higher compared to the corresponding period in 2016.
PAT increased by 61% to stand RM18.2 billion in 2017 against RM11.3 billion in the corresponding period in 2016 due to higher revenue and lower net impairment on assets and well costs.
As a result, EBITDA was also higher by 15% to stand at RM25.3 billion in 2017 against RM21.9 billion in the corresponding quarter in 2016.