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Petronas' Q3 earnings drop 22.3pct to RM23.9bil, revenue falls 16.2pct to RM82.9bil

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Publish date: Wed, 29 Nov 2023, 08:42 PM

KUALA LUMPUR: Petroliam Nasional Bhd's (Petronas) net profit dropped 22.3 per cent to RM23.9 billion for the third quarter ended Sept 30, 2023 (3QFY2023) from RM30.8 billion a year ago.

Revenue declined 16.2 per cent to RM82.9 billion from RM98.9 billion in 3QFY2022, primarily due to lower average realised prices, partially offset by favourable foreign exchange impact, Petronas said in a statement on Wednesday.

Petronas anticipates lower profits in 2023 compared to last year. 

Group revenue for the first nine months of the year stood at RM251.9 billion, a decrease of RM17.5 billion as compared to the same period in 2022.

This was mainly due to lower average realised prices for all products in line with the declining benchmark prices, partially offset by improved sales volumes for major products as well as favourable foreign exchange impact.

The group's total assets increased to RM752.2 billion as at Sept 30, 2023 compared to RM710.6 billion as at Dec 31, 2022.

Shareholders' equity increased to RM432.4 billion as at September 2023 from RM401.6 billion as at December 2022, primarily due to profit attributable to shareholders recorded and favourable impact from foreign exchange during the period, partially offset by dividend declared to the government. 

"We continued to reinvest with discipline in our core and new businesses, doubling-down on our efforts to ensure the security of energy supply for Malaysia and our customers around the world. 

"To date, we are on track to achieve full utilisation of the 20 per cent capex committed to intensify decarbonisation of our operations and growth in new business," Petronas president and group chief executive officer TengkuTan Sri Muhammad Taufik said in the statement.

"As we build on this momentum to deliver long-term sustainable value as a national oil company and continue to grow as a global energy player, Petronas remains resolute to navigate the cyclical swings in the energy market with a firm commitment to not disrupt and make every effort to provide energy that is safe, responsibly produced, cost-optimised and emissions abated. 

"In the same stride, Petronas will continue to increase efforts in giving back to the societies we serve focused on investments that include empowering human capital development which saw the successful completion of MRSM Bintulu and MRSM Ranau recently."

He added that Petronas would not waver from its commitment to enriching the lives for a sustainable future.

 

https://www.nst.com.my/business/corporate/2023/11/984537/petronas-q3-earnings-drop-223pct-rm239bil-revenue-falls-162pct

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