Petronas 3Q PAT Nearly Doubles To RM30.8 Billion

For the first nine months of 2022, Petronas recorded an improved revenue of RM271.3 billion, compared to RM171.4 billion in the corresponding period last year, mainly due to favourable price impact for major products aligned with higher benchmark prices.
 
Profit after Tax (PAT) improved to RM77.2 billion and Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) stood at RM130.2 billion. While cash Flows from Operating Activities (CFFO) increased to RM83.1 billion.
 
Total assets also strengthened,, to RM725.6 billion as at 30 September 2022, compared to RM635.0 billion as at 31 December 2021.

As for the quarter under review, the group registered higher revenue of RM99.2 billion, compared to RM61.8 billion in the same quarter last year predominantly due to favourable price impact for major products and favourable impact of the exchange rate. PAT increased to RM30.8 billion and EBITDA stood at RM47.5 billion.
 
CFFO stood at RM20.7 billion, compared to RM21.8 billion in the same quarter last year following higher net receivables in line with higher prices.

Looking ahead, the national oil giant said oil and gas prices will remain volatile, influenced by intensifying geopolitical and economic headwinds. In the face of the unprecedented global energy crisis, PETRONAS will focus on safely delivering commercial and operational excellence. PETRONAS will continue to invest responsibly towards ensuring energy supply security whilst pursuing its growth strategy and Net Zero Carbon Emissions target by 2050.

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