Petronas to pay additional RM10b dividend by end-Nov

by BERNAMA / pic by BLOOMBERG

IN light of the unprecedented challenges brought about by the COVID-19 pandemic, Petroliam Nasional Bhd’s (Petronas) board has approved an additional RM10 billion dividend payment to the Federal government by the end of November 2020.

The national oil company said it had previously committed to maintain the scheduled RM24 billion dividend payment to the government based on its financial year 2019’s performance, and confirmed that the company has fully paid the dividend as planned for this year.

“In determining whether this additional dividend is affordable, the Petronas board first satisfied itself that the company could comfortably continue to fund its operations, service its debts and meet its obligations as well as invest in its future growth,” it said in a statement today.

Petronas added that it remained resolute in its efforts to preserve cash and strengthen its financial resilience during this unprecedented time.

Previously, Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed said Petronas will pay RM34 billion in dividend to the Federal government this year.

In 2019, Petronas paid the Federal government a dividend totalling RM54 billion, including a special dividend of RM30 billion.