KUALA LUMPUR: Petroliam Nasional Bhd's (Petronas) posted a net profit of RM23.4 billion in the first quarter (Q1) ended March 31, 2022 from RM9.2 billion a year ago.
Its revenue rose 50 per cent to RM78.8 billion in Q1 2022, compared to RM52.5 billion the previous corresponding period, predominantly due to price impact for major products in line with higher benchmark prices.
For the period under review, Petronas' earnings before interest, tax, depreciation and amortisation (Ebitda) rose 73 per cent to RM39.6 billion from RM22.8 billion a year ago.
This was mainly attributable to higher revenue partially offset by an increase in product costs.
Its cash flows from operating activities grew RM13.6 billion or 95 per cent to RM27.9 billion, in line with higher cash from operations.
Overall capital investments (capex) stood at RM7.4 billion whereby domestic capex increased by close to 30 per cent. Upstream remains a major contributor in overall capex spending.
Petronas' total assets increased to RM652.3 billion as at March 31, 2022 as compared to RM635.0 billion as at December 31, 2021 mainly contributed by higher cash and fund investments.
Shareholders' equity decreased to RM348.4 billion as compared to RM350.8 billion as at December 31, 2021 mainly due to dividends declared to shareholders.
President and group chief executive officer Datuk Tengku Muhammad Taufik said while Petronas performance in this quarter had greatly benefited from an elevated price environment, it also demonstrated the disciplined delivery of its core and growth strategy.
Muhammad Tufik said the group leveraged the strength of its integrated portfolio to provide energy that was secure and sustainable for Malaysia and its customers across the globe.
"Despite a degree of recovery and growth expected with the reopening of economies, Petronas will continue exercising prudent financial management and a firm focus on reinvesting, given our cautious outlook amid volatile geopolitical conditions and accelerated energy transition.
"Petronas will continue to nurture a robust oil and gas services and equipment ecosystem to strengthen our resilience in responding to these challenges and effectively contribute to Malaysia's economic growth.
"As we continue to deliver progress in our three-pronged growth strategy and Net Zero Carbon Emissions by 2050 aspiration, we are determined to do so as a progressive energy and solutions partner for our stakeholders both at home and wherever we operate," he said.