Petronas has recorded a lower financial performance for the nine months ended 30 September 2023 due to declining energy prices, partially offset by higher sales volume for major products.
Revenue for the first nine months of the year stood at RM251.9 billion, a decrease of RM17.5 billion as compared to the same period in 2022. This is mainly due to lower average realised prices for all products in line with the declining benchmark prices, partially offset by improved sales volumes for major products as well as favourable foreign exchange impact. PAT decreased by RM13.1 billion and Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) declined to RM103.9 billion.
For the quarter Q3 FY2023, revenue stood at RM82.9 billion compared to RM98.9 billion primarily due to lower average realised prices, partially offset by favourable foreign exchange impact. PAT stood at RM23.9 billion (Q32022 PAT stood at Rm30.8 billion) and EBITDA decreased to RM33.3 billion
Commenting on the results, PETRONAS President and Group CEO, Tan Sri Tengku Muhammad Taufik said “performance in the third quarter demonstrates the focused delivery of our Energy Transition strategy despite a volatile energy market. We continued to reinvest with discipline in our core and new businesses, doubling-down on our efforts to ensure the security of energy supply for Malaysia and our customers around the world. To date, we are on track to achieve full utilization of the 20 per cent CAPEX committed to intensify decarbonisation of our operations and growth in new business
Outlook: the volatility in oil and gas prices is expected to be elevated by persistent economic uncertainties and heightened concerns over global energy security amid geopolitical tensions in the Middle East. Against this backdrop, the group anticipates lower profits compared to last year. Nevertheless, Petronas said it will continue to strengthen operational excellence in its core business while intensifying its growth and sustainability agenda in Malaysia and internationally.
