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Malaysia’s Petronas increases payout to government on strong Q2 profit

by ChemOrbis Editorial Team - content@chemorbis.com
  • 25/08/2017 (13:28)
According to media reports, Malaysia’s state-owned energy firm Petronas Chemicals Group Bhd (PetChem) announced on Friday that their dividend payment to the government will be raised after posting stronger financial results for the second quarter of 2017 on the back of higher sales volumes and oil prices.

Petronas, a key contributor to the country’s revenue, will increase its dividend to the Malaysian government to MYR16 billion ($3.745 billion) for the year, which is higher than a previously committed MYR13 billion ($3.042 billion).

The energy firm’s second-quarter profit more than tripled to MYR7 billion ($1.638 billion) from MYR1.7 billion ($398 million) in the same period last year, according to a company release.

Despite stronger results, the company prefers to be cautious about the outlook of the remaining part of this year as well as its overall year-end performance given the volatility of the energy complex.
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