Malaysia’s state-owned oil and gas firm Petroliam Nasional Bhd (Petronas) said on Wednesday that its profit after tax (PAT) rose 2 percent year-on-year to 23.8 billion ringgit (5.18 billion U.S. dollars) in the first quarter.
The group said in a statement that its revenue for the quarter was 90.4 billion ringgit, a 16-percent increase compared with 78.2 billion ringgit revenue registered in the first quarter of 2022.
The improved revenue was largely due to sales volumes and favorable impact of foreign exchange. This was partially offset by lower average realized prices from major products.
Meanwhile, the firm’s capital investments (CAPEX) for the quarter amounted to 10.5 billion ringgit, mainly contributed by upstream and gas projects.
Given the risk of continued uncertainty and volatility in the business environment, Petronas said it would maintain a cautious outlook for 2023.
Oil and gas prices were expected to moderate due to continued economic uncertainties, hence lower profitability was anticipated compared to last year, it said.
It also said the group would 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.
“As we move forward, Petronas will remain cautious, focus on prudent financial management and invest in strengthening our core and expanding our business portfolio,” President and group CEO Tengku Muhammad Taufik said. (1 ringgit equals 0.22 U.S. dollar)