Petronas swings back to profitability in FY21 on surging oil prices

Petronas swings back to profitability in FY21 on surging oil prices. [Newspaper] (2022)



Abstract

KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) has returned to the black in the financial year ended December 31, 2021 (FY21), inking a profit after tax (PAT) of RM48.6 billion from the RM21 million loss after tax (LAT) recorded in FY20. Revenue in the same period increased 39 per cent to RM248 million from RM178.7 million. The sustained performance was supported by surging commodity prices driven by the recovery in global energy demand as key economies reopened and travel restrictions eased amid higher Covid-19 vaccination rates around the world. In 2021, the average Brent crude was at US$70.91 per barrel versus US$41.67 per barrel in 2020.

Item Type: Newspaper
Keywords: Profit & loss, Revenue, Demand, Commodity prices
Taxonomy: By Subject > Business & Management > Economics
By Subject > Business & Management > Finance
Local Content Hub: Subjects > Business & Management
Depositing User: Jamil Jawi
Date Deposited: 06 Jul 2022 08:08
Last Modified: 06 Jul 2022 08:08
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