KUALA LUMPUR: Petroliam Nasional Bhd’s (Petronas) revenue increased 3.3 per cent to RM121.1 billion in the first half (1H) ended June 30, 2019 from RM117.2 billion recorded last year.
The improved revenue was attributed to higher sales volume for petroleum products and liquefied natural gas (LNG) as well as the effect of the weakening ringgit against US dollar exchange rate.
This, however, was partially offset by lower average realised prices for petroleum and petrochemical products during the period.
The national oil company’s net profit rose nine per cent during the same period to RM28.9 billion from RM26.6 billion, on the back of higher revenue and favourable foreign exchange.
Petronas president and group chief executive officer Tan Sri Wan Zulkiflee Wan Ariffin said the improved financial results are positive outcomes of the organisation’s rallied commitment to constantly strive towards improvement in its operational efficiencies and commercial excellence, while maintaining fiscal discipline throughout the group.
“Petronas continues to deliver a healthy financial performance for the 1H 2019 despite persistent challenging market conditions.
“Our growth journey will continue to be guided by our three-pronged strategy and we will progress with our efforts to build the organisation’s resiliency in facing anticipated prolonged market volatility and changing energy landscape,” he told reporters at a briefing here today.
Capital expenditure (capex) for the 1H was RM15.7 billion attributable largely to upstream projects.
For the second quarter (Q2), Petronas’ revenue decrease marginally to RM59.1 billion from RM59.2 billion, mainly due to lower average realised prices for petroleum products and LNG.
Net profit increased eight per cent to RM14.7 billion from RM13.6 billion, attributed to the effect of the weakening ringgit against the US dollar.