KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) returned to the black with a net profit of RM48.6bil for the financial year ended Dec 31, 2021 (FY21) from RM21bil net loss in FY20.

       Petronas reported a 39% growth to RM248bil in revenue in FY21, compared to RM178.74bil a year earlier.

       The national oil company attributed the stellar performance of its bottomline and topline on 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.

       “Petronas has benefitted from the overall recovery of the oil and gas (O&G) sector globally. The average Brent crude oil in 2021 was at US$79.76 per barrel, almost doubled from US$41.67 per barrel in 2020,” president and group chief executive officer Datuk Tengku Muhammad Taufik told reporters at Petronas’ FY21 performances on Tuesday.

       For the fourth quarter ended Dec 31, 2021, Petronas recorded a profit after tax of RM13.4bil against losses of RM1.1bil in the quarter a year earlier, thanks to higher selling prices and lower impairment losses of assets.

       Revenue for the quarter increased to RM76.6bil compared to RM44bil in the corresponding quarter last year.

       Tengku Taufik said despite the current surge in the global crude oil price, he said Petronas expected Brent crude oil prices to average between US$70 to US$80 per barrel this year.

       Petronas paid a total of RM25bil dividend to the government in FY21 and spent about RM30bil capital expenditure.