KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) has posted its best financial results, with a net profit of RM101.6 billion on the back of a 51 per cent surge in revenue to RM375.3 billion for the year ended Dec 31 2022.
Petronas previously recorded a net profit of RM50.9 billion on RM248 billion revenue for FY2021.
The national oil company said the performance was supported by the favourable price impact on major products aligned with higher benchmark prices.
Accordingly, the group's cash flows from operating activities increased to RM135.3 billion.
Total assets increased to RM710.6 billion from RM635 billion as of Dec 31 2021, primarily contributed by the strong results recorded for the year. Capital expenditure (capex) for the year stood at RM50.1 billion.
In FY22, the group paid RM50 billion in dividends to the government.
For the fourth quarter, Petronas registered a higher net profit of RM24.4 billion than RM15.7 billion recorded a year ago, while revenue increased 38.25 per cent to RM105.9 billion from RM76.6 billion.
Petronas president and group chief executive officer Tengku Datuk Muhammad Taufik said the Petronas workforce continued to be driven by its purpose to be a progressive energy and solutions partner enriching lives for a sustainable future.
While 2022 enabled Petronas to favourably capitalise on oil and gas upsides, Tengku Muhammad Taufik said last year also signalled heightened supply-demand volatility driven by sudden shifts in the market and an accelerated energy transition.
"Even as we progress with relatively steadier footing, Petronas will continue strengthening its integrated value chain with a sharper focus on commercial and operational excellence.
"The group is focused on the disciplined delivery of our three-pronged growth strategy and Net Zero Carbon Emissions by 2050 aspiration combined with prudent management of our financial commitments and debt obligations," he said.
Tengku Muhammad Taufik said Petronas had no choice but to future-proof the group to preserve its ability to deliver long-term sustainable value as a national oil company and a global energy player.
"To this end, Petronas must remain resolute in providing energy that is secure, affordable and accessible towards uplifting communities and supporting countries to achieve their net zero ambitions.
"Petronas is determined to do this steadfastly through stronger partnerships with our stakeholders, partners, local OGSE players and customers across the globe," he added.