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.
Accordingly, the group's cash flows from operating activities (CFFO) improved to RM78.6 billion.
Total assets increased to RM635 billion as of December 31, 2021, compared to RM574.1 billion as of December 31, 2020, primarily contributed by higher cash and fund investments and higher receivables.
Capital expenditure (capex) for the period was RM30.5 billion, primarily attributed to upstream projects.
In FY21, the group paid RM25 billion in dividends to the government.
For the fourth quarter, Petronas registered a PAT of RM13.4 billion against a LAT of RM1.1 billion recorded in the same quarter a year ago, while revenue increased 74.1 per cent to RM76.6 billion from RM44.0 billion.
Petronas president and group chief executive officer Datuk Tengku Muhammad Taufik said moving forward, 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 delivering operational and commercial excellence," he said.