Petronas has reported a 154.15% increase in profit after tax to RM23.44 billion for the first quarter of this year, ending March 31, 2022, up from RM9.22 billion in the same quarter in 2021, the national oil and gas company has announced in a statement.
The profit-after-tax figure was in tandem with higher revenue recorded at RM78.8 billion in this period, its statement read; this was an increase of 49.87% from RM52.5 billion following increasing prices which have been partly offset by higher product costs and taxes, The Edge Markets reported.
The national oil and gas company also reported an increase in total assets to RM652.3 billion as of March 31, up from RM635 billion as of December 31, 2021, which was attributed to higher cash and fund investments.
Overall capital expenditure for Q1 2022 was RM7.4 billion, while domestic capital expenditure increased by nearly 30%, Petronas stated. Earnings before tax, depreciations and amortisation was reported to be RM39.6 billion, which was mainly attributed to higher revenue that was partly offset by increases in product costs, the company added.
Its upstream business saw the average daily production of oil increase by 70,000 barrels of oil equivalent to 2.46 billion barrels, up from 2.39 billion barrels daily recorded in Q1 2021. This was attributed mainly to increased production from Malaysian operations due to stronger gas demand, according to Petronas.
Meanwhile, the downstream business saw a drop in petroleum product sales volume by 1.1 million barrels from 59.4 million to 58.3 million barrels, while crude oil sales dropped 2.5 million barrels from 32.9 million to 30.4 million barrels. Petrochemical product sales remained at 1.9 million tonnes in Q1 2022, the same as in the same quarter last year.
In the gas business, Petronas delivered 102 liquefied natural gas (LNG) cargoes from its LNG complex in Bintulu, as well as two carbon-neutral LNG cargoes to the Shenergy Group Company in China.
In the realm of sustainable energy solutions, Petronas recorded solar capacity that has exceeded 1 gigawatt in Malaysia and in India, comprised of capacity that is both already in operation and under development. Its hydrogen division, Petronas Hydrogen signed a non-binding term sheet with Sumitomo for 100 kilotonnes per annum (KTPA) of low-carbon ammonia for offtake in 2025, the company said.
On the electric vehicles front, Amplus Energy Solutions – purchased by Petronas in 2019 – has delivered 114 EVs under the vehicle as a service (VaaS) model, and has installed 174 charging points in Delhi, Bangalore, Hyderabad and Pune in India.
Looking to sell your car? Sell it with Carro.
inb4 opportunistic politicians and their social mouths demand Gomen to use Petronas money instead of reinstating GST…
Keuntungan petronas untuk perbelanjaan kerajaan dan menteri2 semua. Bukan pasal rakyat pon. U nak BR1M subsidi aku buat GST sekitar balik wang kamu jer la
Yela tu. Without GST our annual income is shortfall of RM 20bil PER YEAR so thanks to PH we lost RM 80bil of income to date, where do you think we got the extra cash from? Peti harta karun PH ke?
Must use Petronas money to bailout Sapura. Let me finished paying my Outstanding cukai 1st, then we can talk abt GST… kikiki
I have been bailing out Sapura since 2019 and my Pakatan friends then just shaddup, and so?
Copy paste: “I am still apolitical. I have fully supported GST as it is transparent (you will know GST input into the purchase and selling and the differences they make so LHDN will know now much one is making the profit). The higher revenue collected is for the nation and for rakyat finally. But sadly, it was politicised by DAP and its stooges mainly to protect their SME shadow business partners. Damn to them.”
Entah menteri bodoh mana yg cakap kalau harga minyak dunia naik, Petronas tak untung lebih.
Cuz mahu mkn sorg. Hehehe
Which minister ya? Take your pick:
Anthony Loke
Liew Chin Tong
Ong Kian Ming
None of them. It’s just me , Cash is King LOL
But you are nobody after 2018. It was me, all me with supreme power. Muwahahahaha!
Dont know how malaysia and Petronas share the pie, but it’s good news for the country and the people as a whole. Finally, after a long time, some good news to be happy about!
So..GST is back with a big bang.
Petronas’ projected annual profits of RM90Billion will take care of the rm28B of fuel subsidy.
So,Tengku Z,we Rolls Royce owners still enjoy fuel subsidy.Thank you, Sabrikor.
Maverick Sabrikor just got his Doctorate from Jepun..wahliow Albert Einstein also no match for such brilliance.Kipidap…no huge backlash…Bolehland stable.
All in pocket! then complain high subsidiary by government!
Where does the subsidies go to?
syukur
Its should be pass to rakyat as oil royalty. Bukan semua petronas makan
So,Sabri maverick quietly launch GST next month..Petronas one quarter profits of 23 B can cover the fuel subsidy.The other 5 B take from 20 -25 B of GST ..Brilliant…Putin also kalah..
Copy paste: “Ape benda la yg ko merepek ni”
Kami merepek kenapa you tak faham in forum B.Inggeris.
If you know you merepek pls GTFO of this blogsite.
Copy paste: “Hello..Mr merepek..pergi BM section.Ini Inggeris section.”
@Copy paste
This troll names dude is not only blind,he tokok without facts.He is not quaified to post comments here.Just ignore his bullshit comments when u see troll names.
Malaysia boleh! This can only happen with current gov… make it the world best petroleum company!
Best petroleum company with best F1 team, marriage made in Asgard.