KUALA LUMPUR, Dec 1 (NNN-BERNAMA) – Malaysia’s state-owned energy firm, Petroliam Nasional Bhd (Petronas), announced yesterday, the firm posted higher profit in the third quarter that ended Sept 30, due to favourable price impact for major products, and the favourable impact of the exchange rate.
The group said in a statement that, its profit after tax increased to 30.76 billion ringgit (6.92 billion U.S. dollars) in the third quarter, up 88.6 percent from 16.31 billion ringgit (3.67 billion dollars) a year ago.
The group’s revenue for the quarter also soared 60.63 percent to 99.22 billion ringgit (22.31 billion dollars), from 61.8 billion ringgit (13.89 billion dollars) a year ago.
During the Jan-Sept period, the group’s profit after tax jumped more than two folds to 77.2 billion ringgit (17.36 billion dollars) from 35.13 billion ringgit (7.9 billion dollars) a year earlier.
Its revenue for the period also rose 58.3 percent to 271.33 billion ringgit (61.01 billion dollars) from 171.39 billion ringgit (38.54 billion dollars), underpinned by favourable price impact for major products aligned with higher benchmark prices.
The group’s capital investments for the period stood at 27.4 billion ringgit (6.16 billion dollars), an increase of 34 percent as compared to the same period last year. The upstream business remains a major contributor.
On the outlook, Petronas said, oil and gas prices will remain volatile, influenced by intensifying geopolitical and economic headwinds.
Petronas said, it will continue to invest responsibly towards ensuring energy supply security, whilst pursuing its growth strategy and Net Zero Carbon Emissions target by 2050.– NNN-BERNAMA
