Petronas returns to profit in 2021 on higher oil prices
Malaysian state-run Petronas has posted a profit of 48.6bn ringgit ($11.6bn) for the year ended December 31 on the back of lower impairments and higher crude oil prices, it said on March 1. The company booked a loss of 21bn ringgit in the previous year.
Revenue stood at 248bn ringgit, mainly due to favourable price impact for major products in line with higher average realised prices, the company said. Petronas posted a net income of 13.4bn ringgit in the fourth quarter, versus a 1.1bn ringgit loss a year earlier. Revenue rose 74% year/year to 76.6bn ringgit.
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The company said that the industry is expected to continue to operate in a challenging environment due to market uncertainties and heightened geopolitical risks.
“Amidst these challenges, the group will focus on executing our growth plans and sustainability efforts while remaining committed to deliver operational and commercial excellence,” it said.