KAJANG (Feb 26): Petroliam Nasional Bhd (Petronas) is expected to maintain its dividend payout to the government at RM32 billion despite a 32% drop in profits in 2024, said Finance Minister II Datuk Seri Amir Hamzah Azizan.

The national oil and gas company remains committed to the amount, Amir Hamzah told reporters at the sidelines of the launch of the Property Market Report 2024 on Wednesday. The distribution makes up half of Petronas’ profit after tax in 2024.

"The commitment from Petronas is still at RM32 billion,” Amiz Hamzah said. “We believe that amount will be paid this year.”

Petronas, the sole Fortune 500 company from Malaysia, is the single-largest contributor to the government’s coffers. The company, which reports directly to the prime minister, paid RM40 billion to the government in 2023.  

The government is banking on the dividend from Petronas to partly finance the country’s largest budget for 2025. Petroleum-related revenue, however, is expected to broadly decline as the government forecasts lower oil prices at US$75-US$80 per barrel this year.

However, Petronas reported a 32% decline in net profit to RM55.1 billion in 2024 due to lower average selling prices. Revenue slipped 6.9% to RM320 billion as the drop in prices offset the increase in sales volume.

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