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Petronas' Q1 net profit up 9 per cent to RM14.2 bln

KUALA LUMPUR, May 31 (Bernama) -- Petroliam Nasional Bhd’s (Petronas)  profit after tax (PAT) for the  first quarter ended March 31, 2019 (Q1 2019) increased by nine per cent to RM14.2 billion from RM13 billion in Q1 2018, on the back of  higher revenue.

In a statement, the group said revenue increased by seven per cent to RM62.0 billion from RM57.9 billion, driven by higher sales volume for petroleum products and liquefied natural gas (LNG), coupled with the effect of the weakening ringgit against the US dollar exchange rate.

These it said, were partially offset by lower average realised prices, mainly for petroleum products, crude oil and condensates.

Cash flows from operations rose to RM23.2 billion, an increase of six per cent from RM21.9 billion in the same quarter last year.

Total assets decreased marginally to RM636.2 billion as at March 31, 2019 from RM636.3 billion as at Dec 31, 2018.

Petronas said shareholders’ equity rose to RM389.1 billion compared with RM380.5 billion in the same period last year, primarily driven by profit generated during the period.

However, this was partially offset by movements in the foreign currency translation reserve. 

The gearing ratio increased to 20.8 per cent as at March 31, 2019 against 19.7 per cent as at Dec 31, 2018, as additional lease liabilities were recognised following the adoption of a new accounting standard, MFRS 16 Leases.

Meanwhile, the return on average capital employed increased slightly to 12.1 per cent from 12.0 per cent in the previous quarter, in line with the higher profit recorded.

The group's capital investment during the quarter was RM8.3 billion, mainly attributable to upstream projects.

President and group chief executive officer Tan Sri Wan Zulkiflee Wan Ariffin attributed the improved performance in the first quarter of 2019 to its three-pronged strategy and resolute execution focused on continuous overall business improvement as well as commercial and operational excellence. 

“Looking ahead, while facing market uncertainties, we will continue to invest for the future and have recently expanded our upstream portfolio through our equity acquisition of the Tartaruga Verde field in Brazil.

“Our strategic intent to venture beyond oil and gas has also made significant progress with our recent investments in renewables and specialty chemicals,” he added.

He also expected the overall year-end performance of Petronas group to be affected by the rising volatility of oil prices and foreign exchange movement.

-- BERNAMA

 

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