KUALA LUMPUR: Petroliam Nasional Bhd (PETRONAS) reported record-breaking profit after tax (PAT) of RM101.6bil in the financial year ended Dec 31, 2022 (FY22), on the back of higher crude oil prices. The PAT nearly doubled from RM50.9bil a year earlier, enabling the national oil company to deliver a dividend of RM50bil to the federal government - its sole shareholder. With Brent grade crude oil price averaging US$101.32 per barrel in 2022, some 43% higher than 2021, PETRONAS’ revenue increased by 51% year-on-year to RM375.3bil. The average Brent crude oil price in 2021 was US$70.91 per barrel. ALSO READ: Petronas posts higher Q4 profit, sees lower oil prices in 2023Moving forward, PETRONAS president and group CEO Datuk Tengku Muhammad Taufik said the group will continue to exercise prudent financial management and firm discipline in reinvesting.

Source: The Star March 14, 2023 00:52 UTC