DANAVEST

FOR the first time, Petroliam Nasional Bhd will pay a special dividend of RM6 billion to the government, bringing total payments of RM67.6 billion to government this year.

Its president and chief executive officer, Tan Sri Mohd Hassan Marican, said Petronas decided to pay the special dividend due to the higher profits it recorded in fiscal 2008, which ended on March 31.

“We have achieved exceptionally good financial results for this year.

“Furthermore, we don’t need that much to re-invest for the future,” he said after presenting Petronas’ 2008 financial results yesterday.

“Therefore, we are able to increase our dividend to the government.”

Petronas typically sets aside up to 35 per cent of its profits every year for it to invest in its business.

This is enough for the group to sustain its expansion plans, although costs have gone up for the group.

As such, Hassan said the RM67.6 billion payments to the Federal Government for the year represented 44 per cent of its revenue.

Since 1974, Petronas has paid the Federal Government a total of RM403.3 billion and it includes petroleum and corporate taxes, royalties and duties.