Malaysia, World: Petronas profits registered skyrocketing increase last year

Malaysian energy giant Petronas reported a leap in profit for the FY 2017 and the fourth quarter of the year.

The company’s profit after tax (PAT) for the year rose by 91 percent, to 45.5 billion Malaysian ringgit ($11.6 billion), from 23.8 billion Malaysian ringgit reported in 2016.

The increase came on the back of higher revenue, lower net impairment on assets, the company said, adding that the revenue rose by 15 percent, to 223.6 billion Malaysian ringgit for the year.

The upward trend of key benchmark prices boosted Petronas’ fourth-quarter results with the PAT rising 61 percent to 18.2 billion Malaysian ringgit.

Revenue rose 14 percent to 61.8 billion Malaysian ringgit due to higher average realized prices recorded for major products and higher sales volume mainly from LNG.

Speaking of the results, Petronas president and CEO Wan Zulkiflee Wan Ariffin, said the results have placed the company in a good position to begin its pursuit of a growth agenda.



Read more about this figures on: LNG World News.