KUALA LUMPUR – Petroliam Nasional Bhd. (Petronas) will increase its dividend payment for the government to RM24 billion this year compared to only RM16 billion in 2017, a 50 percent increment from last year.
According to its Chief Executive Officer Tan Sri Wan Zulkiflee Wan Ariffin, it was driven by a better performance of national oil company during the first half of this year.
The payment also exceeds the RM19 billion announced by Petronas earlier this year.
Petronas has recorded a double nett profit of RM11.56 billion compared to only RM5.18 billion for the same period for the financial year ending 30 June. It was supported by a higher acquisition and lower cost.
During the first half of this year, the nett profit of Petronas has leaped 71.53 percent to RM22.96 billion compared to RM13.39 billion last year.
“The strong performance during the period was contributed by higher revenue, lower impairment on assets and other expenses compared with Q2 2017.
Moving forward, Wan Zulkiflee said Petronas would focus on its cash generators which would strengthen its foundation as it seeks further growth.
“We will expand our core business and explore ventures in specialty chemicals and new energy and will seek new opportunities both at home and abroad to ensure our long-term sustainability,” he said.
The revenue of the company during the first half of 2018 has rose 8.33 percent to RM117.16 billion compared to RM108.15 billion for the same period last year.
The value of Brent crude oil during the first half of 2018 averaged to US$70.56 per barrel compared to US$51.80 per barrel for the same period in 2017. -MalaysiaGazette