KUALA LUMPUR, 2 June — PETRONAS has recorded favourable financial results for the first quarter of 2022 in an environment still volatile from an uneven post-pandemic recovery and geopolitical uncertainties.
The Group continued to undertake significant measures to ensure it remains on a steady footing as heightened concern over disruption in global energy supply elevated prices for liquefied natural gas (LNG), petroleum products and crude oil and condensates.
In its role as an energy player, PETRONAS’ priority is to ensure the security of energy supply for Malaysia and its customers around the world. The Group is also determined to fulfil its responsibility towards the goal of net zero and will continue to partner with stakeholders to develop a robust and resilient ecosystem.
Beyond business, PETRONAS continues to give back to society and is committed to creating positive social impact for Malaysians and the countries where we operate. In Quarter 1, PETRONAS registered RM96.1 million in CSR contributions in its three focus areas namely, Education, Community Well-being and Development and the Environment.
Petronas Q1 FY2022
(Analysis against Q1 FY2021)
For the first three months of the year, the Group posted a PAT of RM23.4 billion in tandem with higher revenue, following an upward trend in prices partially offset by higher product costs and taxation.
Excluding impairment write back/(losses), the Group recorded a PAT of RM23.7 billion.
Revenue stood at RM78.8 billion, compared to the previous corresponding period, predominantly due to price impact for major products in line with higher benchmark prices.
EBITDA stood at RM39.6 billion, mainly attributable to higher revenue partially offset by an increase in product costs.
Cash Flows from Operating Activities stood at RM27.9 billion in line with higher cash from operations.
Overall CAPEX stood at RM7.4 billion whereby domestic CAPEX increased by close to 30 per cent. Upstream remains a major contributor in overall CAPEX spending.
Total assets increased to RM652.3 billion as at 31 March 2022 as compared to RM635.0 billion as at December 31, 2021, mainly contributed by higher cash and fund investments.
Shareholders’ equity decreased to RM348.4 billion as compared to RM350.8 billion as at December 31, 2021, mainly due to dividends declared to shareholders.
Datuk Tengku Muhammad Taufik, President and Group CEO, PETRONAS says while PETRONAS’ performance in this quarter has greatly benefited from an elevated price environment, it also clearly demonstrates the disciplined delivery of our core and growth strategy.
“The Group leveraged the strength of its integrated portfolio to provide energy that is secure and sustainable for Malaysia and our customers across the globe.
“Despite a degree of recovery and growth expected with the reopening of economies, PETRONAS will continue exercising prudent financial management and a firm focus on reinvesting, given our cautious outlook amid volatile geopolitical conditions and accelerated energy transition.
PETRONAS will continue to nurture a robust oil and gas services and equipment (OGSE) ecosystem to strengthen our resilience in responding to these challenges and effectively contribute to Malaysia’s economic growth.
“As we continue to deliver progress in our three-pronged growth strategy and Net Zero Carbon Emissions by 2050 aspiration, we are determined to do so as a progressive energy and solutions partner for our stakeholders both at home and wherever we operate,” he says.
Despite favourable Quarter 1 performance, the high oil and gas prices are expected to remain vulnerable with increased volatility due to geopolitical and macroeconomic uncertainties.
PETRONAS will continue to strengthen our operational excellence to maximise value creation whilst intensifying our growth and sustainability agenda in Malaysia and internationally.