KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) posted a net profit of RM35.2 billion for the first nine months ended Septmber 30 2021, on the back of a revenue of RM171.4 billion.
In the nine-month period of 2020, the national oil company recorded a net loss of RM19.9 billion.
Petronas said the improved performance was attributed to the higher commodity prices, underpinned by the rebound in energy demand as key economies recover from the impact of the Covid-19 pandemic.
The RM171.4 billion revenue was 27 per cent more than the RM134.7 billion revenue posted in the corresponding period last year.
This was predominantly attributable to favourable average realised prices for major products coupled with higher sales volume, mainly for liquefied natural gas (LNG) and sales gas, Petronas said in a statement today.
Its earnings before interest, tax, depreciation and amortisation (Ebitda) rose 67 per cent to RM72.4 billion from RM43.4 billion, in line with higher revenue recorded.
"Cash flows from operating activities (CFFO) stood at RM54.5 billion, up by 67 per cent from RM32.6 billion, in line with higher cash operating profit," it said, adding that total assets increased to RM618.9 billion as at September 2021 compared to RM574.1 billion as at December 31 2020.
Petronas' shareholders' equity increased to RM337.5 billion compared to RM330.6 billion as at December 2020, mainly attributable to profit recorded during the period.
Its capital investments amounted to RM20.4 billion, mainly attributed to upstream projects.
For the third quarter, Petronas recorded a revenue of RM61.8 billion from RM41.1 billion a year ago, mainly due to higher average realised prices for major products.
This was partially offset by lower sales volume mainly from crude oil and condensates.
The group registered a net profit of RM16.3 billion from the RM3.4 billion net loss.
President and group chief executive officer Datuk Tengku Muhammad Taufik said the third quarter performance demonstrated its relentless focus on operational and commercial excellence.
"We continue to ensure the reliability of our operations to leverage the recovery in global energy demand with the safety of our people and assets as our highest priority," he added.
On its prospect, Petronas said: "The current trajectory of the oil and gas industry is expected to continue, given modest recovery in demand underpinned by improvements of economic activities globally."