DANAVEST

KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) is on par with other international oil majors as it takes pole position as 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.

Petronas is also among the 10 most profitable companies in the world this year. Among Fortune Global 500 companies, Petronas rose from 18th last year to eighth in terms of earnings, with a profit of US$18.1 billion (RM59 billion), according to the magazine’s July issue.

It also ranked eighth in terms of highest returns on revenues and took the 10th spot for the highest returns on assets. Based on its recently announced financial results for the year ended March 31, 2008 (FY08), Petronas’ return on total assets was 28.1%. Its return on average capital employed rose to 45.5% from 40.9% previously.

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 was ranked second with profits of US$31.3 billion and BP with US$20.8 billion. Petronas came in 16th.

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