Petroliam Nasional Bhd (Petronas)’s net profit for the third quarter ended Sept 30, 2022 (3QFY2022) jumped 88% year-on-year to RM30.8 billion, on favourable price impact on major products and favourable exchange rate impact.
The strong crude oil prices and weak ringgit helped push revenue up 60.5% to RM99.2 billion, from RM61.8 billion the year before, Petronas said in a statement. Both quarterly revenue and net profit are at the record high.
In the corresponding quarter ended Sept 30, 2021 (3QFY2021), Petronas booked a net profit of RM16.3 billion.
For the nine-month period ended Sept 30, 2022 (9MFY2022), the national energy firm’s net profit more than doubled to RM77.2 billion from RM35.1 billion, mainly due to favourable price impact for major products aligned with higher benchmark prices.
Revenue in 9MFY2022 soared 58.3% to RM271.3 billion from RM171.4 billion, again mainly due to favourable price impact for major products, aligned with higher benchmark prices.
Petronas said cumulative capital expenditure for 9MFY2022 amounted to RM27.4 billion. It recorded capex spending of RM18.9 billion in the first half of the year.
Meanwhile in the renewable energy segment, clean energy solutions provider Gentari Sdn Bhd achieved 1.12 gigawatt (gw) of renewable energy capacity in operations and under development as at end-September. To-date, Gentari has installed a total of 89 electric vehicle charging points nationwide.
Petronas may have to dividend-up 50% of its profit for the year, say RM50 billion to the Government – that’s 50% of the development budget (of RM100b) in the last Budget. It is good news for the Government. Meanwhile, companies in the energy, primary commodities and banking sectors should pay a windfall tax or a higher prosperity tax to meet Government’s plans for 2023.
Reference:
Petronas net profit swells to record high of RM30.8 bil, revenue hits RM99.2 bil in 3Q, Adam Aziz, TheEdge CEO Morning Brief, 1 December 2022
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