PETRONAS Reports 15% revenue Increase for FY 2017

Cash flows from operating activities improved to RM75.7 billion, an increase of 41 per cent from RM53.8 billion in 2016. Total assets as at 31 December 2017 was slightly lower at RM599.8 billion as compared to RM603.4 billion as at 31 December 2016 primarily due to the impact of the Ringgit strengthening against the US Dollar. Shareholders’ equity of RM389.8 billion as at 31 December 2017 increased by RM9.4 billion compared to 31 December 2016 mainly due to profit generated during the year. The Group’s gearing ratio remained stable at 16.1 per cent compared to 17.4 per cent recorded last year. ROACE increased to 9.8 per cent compared to 5.4 per cent in 2016, in line with higher profits. Capital investments for the year ended 31 December 2017 totalled RM44.5 billion, mainly attributable to the Refinery and Petrochemical Integrated Development (RAPID) Project in Johor. For the fourth quarter ended 31 December 2017, PETRONAS also recorded an improved performance, largely driven by the upward trend of key benchmark prices and better margins.

    The Group’s revenue rose to RM61.8 billion, 14 per cent higher compared to the corresponding quarter last year. This was contributed by higher average realised prices recorded for major products and higher sales volume mainly from LNG and petroleum products, partially offset by the effect of the Ringgit strengthening against the US Dollar.
PAT increased by 61 per cent to RM18.2 billion from RM11.3 billion in the corresponding quarter last year due to higher revenue and lower net impairment on assets and well costs. As a result, EBITDA was also higher by 15 per cent, at RM25.3 billion compared to RM21.9 billion in the corresponding quarter last year. Outlook The continued drive for higher productivity and operational excellence have placed PETRONAS in a stronger position to execute its long-term growth strategy. Subject to sustainability of price recovery, the Group expects to deliver a satisfactory performance in the next financial year. Source / Further information : PETRONAS oilandgasOil and Gas News Undiluted !!! “The squeaky wheel gets the oil” Please email us your industry related news for publication Follow us: @OilAndGasPress on Twitter | OilAndGasPress on Facebook ]]>