Kuala Lumpur: Higher crude prices and robust demand for major products have led to Petroliam Nasional Bhd (Petronas) posting better revenue and profit for its financial year ended March 31 2011.
Read more: Petronas net profit surges http://www.btimes.com.my/articles/ronasf/Article/#ixzz1Opx8M5TK
Despite the strengthening of the ringgit against the US dollar and rising costs, the national oil company saw its revenue increase by 14.4 per cent to RM241.2 billion from RM210.8 billion and net profit rise 38.5 per cent to RM63 billion. Petronas president and chief executive officer Datuk Shamsul Azhar Abbas said gross profit was higher by 18.7 per cent at RM97.8 billion compared with RM82.4 billion previously. Speaking at a press conference here yesterday, he said earnings before interest, taxes, depreciation, and amortisation (Ebitda) improved by 29.5 per cent to RM107.9 billion. The Ebitda included proceeds of RM9.2 billion from the listing of its two units - Petronas Chemicals Group Bhd and Malaysia Marine and Heavy Engineering Holdings Bhd. Dividend payment to the government was maintained at RM30 billion, an amount that has been earlier been agreed by the government, he said. The dividend policy, however, is expected to be capped at 30 per cent of Petronas' net profit, most likely beginning from the financial year ending December 31 2013. "This may not mean that it would be lower than RM30 billion, especially if we perform well, but (the new policy) will give us some certainty in planning our business," said Shamsul. Petronas has been paying the government RM30 billion since 2009, up from RM24 billion in 2008. In 2005 it paid only RM9.1 billion and this was increased to RM13.0 billion in 2006 and RM20 billion in 2007. Petronas executive vice-president for finance Datuk George Ratilal said cash from operations was higher at RM70.8 billion compared with RM56.1 billion previously, due to higher earnings. Cash balance by end-March 2011 was also higher at RM155.3 billion compared with RM140 billion in the year before - this after deducting RM34.9 billion for capital expenditure, RM30 billion for dividend payment, RM6.5 billion in dividend payment to minority interests and about RM900 million on other investments. Ratilal said return on revenue for the year just ended was 37.5 per cent, from 32 per cent previously despite rising costs. The strengthening of the ringgit, he said, was quite a setback, resulting in the group's US dollar revenue to come down by 10 per cent, but "lucky for us, oil prices went up by more than 10 per cent". He said Petronas' performance was in line with its competitors, "indicating another year of resilient performance by the group". Shamsul, when asked for his forecast on Petronas earnings in the current financial year, said: "Last year I predicted we would make a pre-tax profit of RM80 billion and I was wrong. So I will not make it a habit to forecast." Petronas made a pre-tax profit of RM90.5 billion in 2011. For the current financial year ending December 2011 (nine-month period), Petronas will be planning its business at a basis oil price of between US$75 and US$80 (RM225.8 and RM240.8) per barrel.
Read more: Petronas net profit surges http://www.btimes.com.my/articles/ronasf/Article/#ixzz1Opx8M5TK
Despite the strengthening of the ringgit against the US dollar and rising costs, the national oil company saw its revenue increase by 14.4 per cent to RM241.2 billion from RM210.8 billion and net profit rise 38.5 per cent to RM63 billion. Petronas president and chief executive officer Datuk Shamsul Azhar Abbas said gross profit was higher by 18.7 per cent at RM97.8 billion compared with RM82.4 billion previously. Speaking at a press conference here yesterday, he said earnings before interest, taxes, depreciation, and amortisation (Ebitda) improved by 29.5 per cent to RM107.9 billion. The Ebitda included proceeds of RM9.2 billion from the listing of its two units - Petronas Chemicals Group Bhd and Malaysia Marine and Heavy Engineering Holdings Bhd. Dividend payment to the government was maintained at RM30 billion, an amount that has been earlier been agreed by the government, he said. The dividend policy, however, is expected to be capped at 30 per cent of Petronas' net profit, most likely beginning from the financial year ending December 31 2013. "This may not mean that it would be lower than RM30 billion, especially if we perform well, but (the new policy) will give us some certainty in planning our business," said Shamsul. Petronas has been paying the government RM30 billion since 2009, up from RM24 billion in 2008. In 2005 it paid only RM9.1 billion and this was increased to RM13.0 billion in 2006 and RM20 billion in 2007. Petronas executive vice-president for finance Datuk George Ratilal said cash from operations was higher at RM70.8 billion compared with RM56.1 billion previously, due to higher earnings. Cash balance by end-March 2011 was also higher at RM155.3 billion compared with RM140 billion in the year before - this after deducting RM34.9 billion for capital expenditure, RM30 billion for dividend payment, RM6.5 billion in dividend payment to minority interests and about RM900 million on other investments. Ratilal said return on revenue for the year just ended was 37.5 per cent, from 32 per cent previously despite rising costs. The strengthening of the ringgit, he said, was quite a setback, resulting in the group's US dollar revenue to come down by 10 per cent, but "lucky for us, oil prices went up by more than 10 per cent". He said Petronas' performance was in line with its competitors, "indicating another year of resilient performance by the group". Shamsul, when asked for his forecast on Petronas earnings in the current financial year, said: "Last year I predicted we would make a pre-tax profit of RM80 billion and I was wrong. So I will not make it a habit to forecast." Petronas made a pre-tax profit of RM90.5 billion in 2011. For the current financial year ending December 2011 (nine-month period), Petronas will be planning its business at a basis oil price of between US$75 and US$80 (RM225.8 and RM240.8) per barrel.
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