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Petronas records $13.5bn profit for 2018

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Malaysian oil and gas company, Petronas recently announced a $13.5billion profit for 2018.

The announcement shows that the company’s profit after tax report, PAT increased by 22% which was about 55.3billion in 2017 as the increase was attributed to higher revenue and net write-back of impairment on assets.

Petronas’ PAT for the fourth quarter (Q4) of 2018 decreased by 21% to RM14.3bn from 2017’s Q4 PAT of RM18.2bn. The company cited higher production costs, depreciation and amortization, as well as petroleum, proceed as reasons for this decrease. Full-year earnings before interest, tax, depreciation and amortization (EBITDA) increased by 27% to RM116.5bn from 2017’s full-year EBITDA of RM92.0bn.

According to Offshore technology, Petronas’ full-year revenue increased by 12% to RM251.0bn compared to 2017’s full-year revenue of RM223.6bn, with the company citing higher average realized prices for all key products as the primary reason for this increase. The company also made 10 liquefied natural gas, LNG deals over 2018, which contributed 58.4m tonnes of LNG per annum to its business portfolio.

According to its CEO, Tan Sri Wan ZUlkiflee Wan Ariffin, “Petronas has recorded a strong financial performance in 2018, supported by our ongoing drive to increase operational efficiency and commercial excellence. We have made progress in the pursuit of our long-term strategies and will continue to invest for the future.

Meanwhile, Petronas also predicted that the oil and gas industry will continue to operate in a challenging environment in 2019 due to market uncertainties and geopolitical risks adding that it expects financial movements in 2019 to be affected by changes in prices.

Source offshore technology
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