Petronas is saying its financial statements are available to the public. True, they have the annual reports published on their website. But these provide only brief summary figures e.g. revenue, profit before tax, etc – not detailed breakdowns.
As mentioned earlier, I would like to see the detailed accounts, not summary figures for revenue and profit before tax. I want to see the administrative and operating expenses, the other misc expenses. Let’s have a look at the detailed profit and loss acount.
Published accounts offer only summary figures and are not of much use to anyone wanting to analyse the financial performance of the company in greater depth.
In particular, let’s have figures for how much was spent over the years for the following:
- Development of Putrajaya
- Bailout of banks
- Construction of Petronas Towers
- the Philharmonic Orchestra
- Donations, commissions, management fees, consulting fees etc
- Entertainment expenses
- Formula One racing and related expenses
- Amounts spent on acquiring companies or assets owned by BN-related parties e.g. Petronas’ MISC rescuing Mirzan Mahathir’s loan-saddled shipping and haulage businesses
- Expenses related to Pulau Langkawi activities
Petronas belongs to the Malaysian people. We are entitled to these detailed figures. We should not be treated like corporate shareholders entitled only to the bare minimum information about a company.
Meanwhile, tell us how much Petronas earned for the year ended 31 March 2008. The figures should be available by now.
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Every one know that Petronas is making astronomical revenue and profit when oil prices hit $140/barrel, much of it go to management perks,board of director fees and BN government coffer, our natural resources generated revenue generally benefited only small percentage of Malaysians and selected few, it is a well known fact indeed.
Hello Petronzas,
What is the real figure of 5% royalty to sarawak after the 41% oil price hike? And sabah? And oso Trngganu? pls tell us?
petronas accounts?
go to CCM. Can print all of the 135 pages of the audited financial statements for the year ended March 2007. better than the one on the petronas website. For March 2008, due to be disclosed within this final week of June.
donplaypuaks: … i don’t agree that every attempt to sponsor something perceived bourgeoisie is bad for the country or wasteful. i myself have been to the philharmonic a few times during my student days on a RM10 ticket, which is fairly easy to obtain with a valid students ID. My piano teacher has also organised a trip to the philharmonic on a RM10 ticket. My school has made field trips to the petronas science centre and I found that I learnt something even during my visits as an adult. Why the cries to dismantle all of it now. Isn’t it… Read more »
Dear All, There is a lot of allegation regarding to Petronas when the subsidy is partially removed by the government. I suggest rather than we complain and try to blame others on the current situation, let us think on the contribution that we made to the nation. Petronas made 35% (RM53.2Bill) of Malaysian revenue last year with just 30,000 plus personnel. You can take your calculator and divide the number which is RM1.77Mill per person. I’m not too sure that is enough for one person to contribute. But I’m sure that the person who trow bad comment and allegation to… Read more »
“Since its creation in 1974, Petronas has recorded a profit of RM570 billion of which RM336 billion has been paid to the government, said its CEO in a TV interview.”
This is what I am talking about. How did the government spend the RM336 billion? Obvously, it is pointless to ask Petronas.
We should try to pester Tun M in the Petronas issue too beCAUSE… isn’t he the Petronas “adviser” all along?
Thank you Anil for making us aware of this issue.
Dear Anil Many of our bloggers (as well as MP’s & Aduns) do not seem to understand that it is not possible to match Govt spending against any specific source of Revenue. The Govt’s revenue source is derived from Incone and Corporate Tax, Customs & Excise Duties, Petroleum Revenue Tax, Fees& Licences, Road Tax, Dividends from JV’s etc. All Revenues go into a commmon Consolidated Fund from which disbursements are made for Operating and Development Expenditure which are specified in the Govt’s Annual Budget. The gap between Income and Revenue, if any, is bridged by the issue of Bonds or… Read more »
Dear Peggy I an fully aware of the role and duties of an auditor vis-a-vis investigative and reporting functions, having been an accountant for 30 years and having worked at a couple of local Plcs myself. Nor have I stated or implied anywhere that auditors should be hauled up for management failures. However, if you have been following events in USA & UK, you will find that auditors can no longer find refuge in the old mantra of ‘we are a watchdog, not a bloodhound’, in particular where it concerns Plcs and MNC’s where there is internal audit and continuous… Read more »
There’re a few of you here who are QUICK to sympathies with PETROLAH. There’s one simple & quick test to quantify who’s on the right track. Question: Who is suffering now? YOU or PETROLAH Bosses? Please spare us the sympathy for these lackeys who’re nothing more than a ATM jaga/guard for a certain politial party, as Anil has stated clearly we’re just examining the ‘details’ of the accounts since the arrogant PETROLAH bosses kept harping on having ‘Nothing to Hide’ over the MSM. PETROLAH is the nation’s wealth and it is our duty to know it is manage prudently and… Read more »
Anybody knows WTF it costs to gali one barrel?
In ’80s it cost about 1/20.
Much obliged.
donplaypuaks: but you see there is nothing illegal about Sime Darby Group making that futures loss! The auditors’ responsibility is to make sure the loss has been properly accounted for and appropriately disclosed in their financial statements. Surely in every business there are risk and consequences! Please remember that an auditors’ primary responsibility is to state an opinion on the truth and fairness of the numbers represented in the financial statements and a Company’s compliance with company’s act. So PLEASE don’t imply that a Company’s performance (especially losses arising from futures!) has got anything to do with the auditor. LOL… Read more »
according to wikipedia, Petronas has 870 stations nationwide in Jan 2008. amoker, where did your 3000 figure come from?
I also agree that the answers we need will not be in the petronas accounts. It will show how much has been given/paid to the gov’t as agreed. How do we access (information)that is what we need to know. The PKFZ (Port Klang) reportedly a while back has some sort of bail out by the gov’t (RM4.6b) or was it just a loan? That’s possibly where and how the government is spending part of the money.
First, ger rid of OSA. Then, bring in the external auditors to scrutinize everything in the books, bank accounts transactions/transfers, etc., not just account statements.
all of your allegations are baseless. put some figures then you can say something. I would agree with Izkandar, the bigger question is how did the govt spent the 80%?
Anil, Below is the comment I made to Anwar. I also felt so upset after watching the Petronas Pres. on NTV& tonight, clearly evading a lot of clear answers; and one of his remark was that Petronas is only accountable to the PM?! What, excuse me? I sent a few SMS but none are published! Here is the letter: YB Encik Anwar, Saya harap PR dapat menyiasat apa yang sebenarnya terjadi kepada keuntungan telaga minyak-gas yang terbesar di Asia Tenggara yang mula beroperasi di Kikeh, Sabah, Jan tahun lepas? Apa yang ditulis dalam media (dalam kolumn yang amat kecil),tender peggalian… Read more »
Anil
I see the sequence of events as like this:
1. Petronas makes profit
2. Petronas ‘remits’ 80% of profit to the government and retains 20% for opex and capex.
I can see that a lot of us are overly excited to see how Petronas spent the 20%.
Yet, the bigger question is that how did the government spent the 80%? I dont think so that Petronas will be able to answer this question. I bet that Petronas wouldnt know either.
In the wake of th e$120 million futures trading losses in the Sime Darby Group which is also audited by 1 or 2 of the Big 4, you guys must be pretty naive to think that Petronas would have escaped the odd multi-million $ unsuual losses or two, buried somewhere in all the ovehead expenses shown, not in detail, but netted of. The point i sthat in my opinion it is illegal for Petronas accounts not to be published and submiiited in full to Parliament, after an independent audit or, at th every least, athorough by the Auditor General. Of… Read more »
dear anil, i seriously don’t think the answer lies in the petronas account. Petronas is audited by EY and KPMG jointly. I don’t think there will be anything extraordinary in the income statement because these will be expenses reflecting Petronas’s activities. However, what i picked up from the abridged accounts is that there is some RM30b gap between their Profit After Tax and movement in shareholders’ funds. I am guessing this RM30b has been paid out of equity by way of dividends, eg to the government. so if you really want to see how this monies paid our are being… Read more »
fendi, finally a voice of reason. I find that most of us just have a herd mentality. Price of petrol goes up… it must be Petronas’ fault. How simplistic and idiotic. In the oil & gas industy, Petronas is highly regarded. It is, after all, the oil company with one of the highest profit margins in the world. You don’t achieve that distinction by being corrupted and inefficient. In fact, Petronas is regarded in the industry as one of the New Seven Sisters. This refers to mostly state-owned oil corporations such as Saudi Arabia’s Aramco, Brazil’s Petrobras and Russia’s Gazprom… Read more »
Read this… help to explain where the money goes to… don’t get me wrong I don’t work 4 Petronas OK 🙂 The Hardest Thing To Say To Someone Do what you like. The price of gasoline at the petrol station is set by the Government, not PETRONAS. PETRONAS has done its patriotic duty by paying the dividends, royalties, corporate tax, petroleum tax etc to the Government for YOUR benefit (rakyat lah). And bear in mind that 30% of its revenue comes from overseas operations, thus bringing in foreign exchange to the country. OK. Assuming that you buy this idea proposed… Read more »
Need some verification it is said that petronas has a billion ringgit worth of undeveloped land for petrol pumps.By the way this hassan chap (allegedly) has a vineyard in south africa.
dear amoker,
thanks for this revelation. keep ’em coming, u people in-the-know. check(mate) petronas until they come clean.