Malaysia's Petronas posts near doubling of Q3 profit to S$9.5 billion
Sign up now: Get insights on the biggest stories in Malaysia
Petronas says oil prices remain volatile.
PHOTO: REUTERS
Follow topic:
KUALA LUMPUR - Malaysia’s state energy firm Petroliam Nasional Berhad, or Petronas, on Wednesday posted a near doubling of its third quarter profit year-on-year, and warned of continuing volatility in oil and gas prices.
The company reported a profit of RM30.8 billion (S$9.5 billion) in the July-September period, compared with a profit of RM16.3 billion in the same quarter a year ago.
Revenue rose 61 per cent to RM99.2 billion, thanks to favourable prices for major products and the impact of the exchange rate.
“Oil and gas prices will remain volatile, influenced by intensifying geopolitical and economic headwinds,” Petronas said in its financial report.
Chief executive Tengku Muhammad Taufik said the firm is taking deliberate steps to unlock new value from its core portfolio with a focus on decarbonisation.
Petronas will also pursue attractive opportunities in cleaner energy solutions, he added. REUTERS
