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Malaysia’s Petronas posts higher third-quarter profit on higher oil prices-

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Petroliam Nasional Bhd

Malaysia‘s state-owned energy company Petroliam Nasional Bhd (Petronas) announced on Wednesday that the company posted higher profits in the third quarter ended September 30 due to favorable price impacts for major products and favorable impact of the exchange rate.

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The group said in a statement that its profit after tax rose to 30.76 billion ringgit ($6.92 billion) in the third quarter, up 88.6 percent from 16.31 billion ringgit ($3.67 billion) a year ago. year.

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Group revenue for the quarter also increased 60.63 percent to 99.22 billion ringgit (22.31 billion U.S. dollars) from 61.8 billion ringgit (13.89 billion U.S. dollars) a year ago.

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During January-September. period, the group’s after-tax profit more than doubled to 77.2 billion ringgit ($17.36 billion) from 35.13 billion ringgit ($7.9 billion) a year earlier.

Its revenue for the period also increased 58.3 percent to RM 271.33 billion ($61.01 billion) from RM 171.39 billion ($38.54 billion), supported by a favorable price impact from major products aligned with higher reference prices.

The group’s capital investments for the period amounted to 27.4 billion ringgit (6.16 billion U.S. dollars), an increase of 34 percent compared to the same period last year. The upstream business continues to be a significant contributor.

Regarding the outlook, Petronas said that oil and gas prices will remain volatile, influenced by intensifying geopolitical and economic headwinds.

Petronas said it will continue to invest responsibly to ensure security of energy supply as it pursues its growth strategy and net-zero carbon emissions target by 2050. ■

(Xinhua)

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