Petronas is Asia's most profitable company

Petroliam Nasional Bhd (Petronas) is on par with other international oil majors as it takes the lead in being the most profitable company among Asia’s Top 50 companies in this year’s Fortune Global 500 list. Petronas, which is the only Malaysian firm in the Global 500 list, took the top spot in terms of returns on assets and returns on revenue in the Asia Top 50 list. Among Fortune Global 500 companies, Petronas rose from 18th in 2007 to eighth in terms of earnings, with a profit of 59 billion ringgit (US$17.6 billion). Under the petroleum refining industry category, Exxon Mobil maintained its top spot in terms of profits with US$40.6 billion while The Royal Dutch Shell Group was ranked second with profits of US$31.3 billion and BP with US$20.8 billion. Petronas’ President and Chief Executive Tan Sri Mohd Hassan Merican said the company’s balance sheet continued to strengthen, with total assets climbing 15.2% to 339.3 billion ringgit (US$101 billion) while shareholder’s funds rose to 201 billion ringgit (US$59.85 billion). (July 16, 2008)