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