PETRONAS POSTS RM40.5 BLN NET PROFIT, RM240.3 BLN REVENUE FOR FY19 (SCREEN)

FARHANA PONIMAN

KUALA LUMPUR, Feb 26 – Petronas’ net profit fell 27 per cent to RM40.5 billion for the financial year ended Dec 31, 2019 from RM55.3 billion in the 2018 financial year, on the back of four per cent lower revenue of RM240.3 billion for the year under review from RM251 billion previously.

President and group chief executive officer Tan Sri Wan Zulkiflee Wan Ariffin said the lower net profit was due to lower revenue and net impairment on assets amounting to RM7.3 billion while the weaker revenue was attributed to lower average realised prices for major products.

“Excluding the impact of impairment, our net profit for 2019 stands at RM47.8 billion, which is a six per cent reduction from 2018,” he told a media briefing on the oil and gas (O&G) company’s 2019 financial performance here today.