KUALA LUMPUR: Petroliam Nasional Bhd's (Petronas) net profit more than doubled to RM46.4 billion in the first half ended June 30 2022, from RM18.8 billion a year ago.
This was on the back of a revenue of RM172.1 billion,compared to RM109.6 billion in the first half of 2021.
The strong performance was mainly attributed to elevated oil and gas prices arising from a widening supply gap and dwindling system capacity, Petronas said in a statement today.
For the second quarter, Petronas' net profit stood at RM23.0 billion compared to RM9.6 billion previously, in tandem with higher revenue following an upward trend in prices partially offset by higher product costs and taxation.
Its revenue rose 63.4 per cent to RM93.3 billion from RM57.1 billion in the same quarter last year, predominantly due to the favourable price impact for all products and favourable impact of the exchange rate.
Petronas's earnings before interest, tax, depreciation and amortisation (Ebitda) stood at RM43.1 billion, which improved from RM23.2 billion in the same quarter last year in line with higher revenue.
Cash flows from operating activities improved to RM34.5 billion from RM18.4 billion in the same quarter last year in line with higher cash from operations.
Petronas' total assets strengthened to RM699.5 billion in the first half of 2022 compared to RM635.0 billion as Dec 31 2021, mainly contributed by higher cash and fund investments and receivables.
President and group chief executive officer Datuk Tengku Muhammad Taufik said Petronas' strong performance in the first half of 2022 demonstrated the group's commitment to remain resilient in the face of the increasingly volatile global enviroment.
Tengku Muhammad Taufik said aligned to the group's three-pronged growth strategy and Net Zero Carbon Emissions by 2050 aspiration, it remained resolute in ensuring that energy continues to be produced and delivered responsibly and sustainably.
"Towards this end, Petronas's efforts are geared to continue strengthening the energy ecosystem at home and wherever we operate.
The group remains committed to creating value that supports Malaysia's economic growth. This includes supporting the resilience of the local oil and gas ecosystem and cultivating strong partnerships towards sustaining a conducive environment for businesses to thrive," he said.