Petronas says 2Q profit nearly doubles, boosts payout to govt

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KUALA LUMPUR (Aug 30): Malaysian state-owned energy firm Petroliam Nasional Bhd posted a near doubling of quarterly profit, helped by higher oil prices, and said it will increase its dividend payout to the government this year.

Petronas, as the company is known, on Thursday said profit for the second quarter totalled RM13.63 billion (US$3.32 billion), up from RM7.06 billion a year earlier.

Revenue increased 14.7% to RM59.24 billion.

The company, which is known to be conservative with its outlook, said it expects full-year performance to be "satisfactory."

"The group will maintain its prudent view on the outlook and will continue to emphasise on productivity and growth strategies," Petronas said in a statement.

Chief Executive Officer Tan Sri Wan Zulkiflee Wan Ariffin said Petronas will pay the Malaysian government, the company's sole shareholder, a dividend of RM24 billion this year, up from the RM16 billion last year.

(US$1 = RM4.1050)