KUALA LUMPUR, 7 June 2023 – Petroliam Nasional Bhd (Petronas) has posted a profit after tax (PAT) of RM23.8 billion for the first quarter of 2023, an increase of two per cent from that of the previous corresponding period, it said in a statement today.
Petronas said its PAT slipped two per cent compared to that of the fourth quarter of 2022.
Group revenue for the first quarter was RM90.4 billion, a 16 per cent rise compared with the revenue registered in the first quarter of 2022, largely due to improved sales volume and favorable impact from foreign exchange. Petronas said this was partially offset by lower average realized prices from major products. Compared to the fourth quarter of 2022, group revenue fell 15 per cent, it said.
Capital investments (CAPEX) amounted to RM10.5 billion, mainly contributed by upstream and gas projects.
Domestic CAPEX increased by 44 per cent compared to the same period last year mainly for investments in the Petronas Nearshore Floating LNG Project in Sabah and the Kasawari Gas Field Development in Sarawak.
Its total assets strengthened to RM713.6 billion as at 31 March 2023.
Petronas also said that the oil and gas prices are expected to moderate due to continued economic uncertainties, hence, lower profitability is anticipated compared to last year.
Given the risk of continued uncertainty and volatility in the business environment, Petronas said it will maintain a cautious outlook for 2023.
The group will continue to exercise prudent financial management and firm discipline in reinvesting to strengthen its business portfolio and build the necessary resilience with continuous improvements in commercial and operational excellence.
President and Group CEO of Petronas Tan Sri Tengku Muhammad Taufik said Petronas’ commendable performance in the first quarter bears testimony to the Group’s continuing commitment to meet growing energy demand while developing solutions for a lower carbon future, even as we contend with an increasingly complex and volatile business environment.
“Against this backdrop, Petronas will need to take credible actions to continue delivering sustainable value in discharging our responsibility as a national oil company even as we aspire to grow as a global energy player.
We will remain steadfast in progressing our strategies and have now crystallized our Three-Pronged Growth Strategy into the Petronas Energy Transition Strategy, further demonstrating our clear ambition for a just and responsible transition,” he added.
— Akses Malaysia
