Petronas posts Q1 2018 results
Published by Will Owen,
Petronas has posted favourable results for Q1 ended 31 March 2018, with an increase in Profit After Tax (PAT) of 26% from the corresponding period in the previous year.
The group’s revenue grew by RM1.4 billion to RM57.9 billion, from RM56.5 billion in Q1 last year. The increase was mainly due to higher average realised prices recorded across all products, largely offset by the effect of the strengthening of the Ringgit against the US Dollar exchange rate.
Q1 PAT totalled RM13.0 billion, increased by 26% on the back of higher revenue and net write-back on impairment.
Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) registered a modest growth of 2% to RM25.0 billion from RM24.6 billion in the corresponding quarter last year.
Cash flow from operations rose to RM21.9 billion, an increase of 22% from RM18.0 billion in the same quarter last year.
Total assets decreased marginally to RM592.8 billion as at 31 March 2018, from RM599.8 billion as at 31 December 2017, due to the impact of the strengthening of the Ringgit against the US Dollar. Shareholders’ equity of RM390.7 billion as at 31 March 2018 increased by RM0.9 billion compared to RM389.8 billion as at 31 December 2017 mainly contributed by profit generated during the period partially offset by the movements in foreign currency translation reserves.
Gearing ratio of 16.2% as at 31 March 2018 was slightly higher by 0.1% as compared to 16.1% as at 31 December 2017. Meanwhile, Return on Average Capital Employed (ROACE) increased to 10.4%, from 9.8% previously in line with higher profit recorded.
The group’s capital investment during the quarter was RM12.0 billion, mainly attributable to the Refinery and Petrochemical Integrated Development (RAPID) Project in the southern Malaysian state of Johor.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/30052018/petronas-posts-q1-2018-results/
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