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Malaysia's Petronas Posts Q3 Profit, Warns of Continuing Market Volatility

November 30, 2022

©Shah/AdobeStock
©Shah/AdobeStock

 Malaysia's state energy firm Petroliam Nasional Berhad, or Petronas, on Wednesday posted a near doubling of its third quarter profit and warned of continuing volatility in oil and gas prices. 

The company reported a profit of 30.8 billion ringgit in the July-September period, compared with a profit of 16.3 billion ringgit in the same quarter a year ago. 

Revenue rose 61% to 99.2 billion ringgit, 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 - Reporting by Mei Mei Chu; Editing by Kanupriya Kapoor)



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