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Petronas’ Profit After Tax Up 2pc, Revenue Rises 16pc In The First Quarter

Petroliam Nasional Bhd’s (Petronas) profit after tax (PAT) rose two per cent to RM23.8 billion in the first quarter of 2023 (1Q FY2023) compared with the corresponding period a year ago.

The group attributed the higher PAT to the higher interest income and lower taxation in line with lower profit partially offset by lower earnings before interest, taxes, depreciation and amortisation (Ebitda).

The group recorded Ebitda of RM38.6 billion, lower by RM1.8 billion mainly due to higher product costs and operating expenditure partially negated by higher revenue.

Group revenue for the quarter under review was 16 per cent higher to RM90.4 billion versus the same quarter in 2022 underpinned by improved sales volume and favourable impact from foreign exchange.

President and group chief executive officer Tan Sri Tengku Muhammad Taufik said Petronas would remain cautious, focus on prudent financial management and invest in strengthening its core business and expanding its business portfolio.

“At all times, we will aim to grow value for our stakeholders and partners, with an unwavering commitment to ensuring the well-being of Malaysians and the communities wherever we operate,” he said.

Meanwhile, Petronas’ capital expenditure (capex) amounted to RM10.5 billion, mainly contributed by upstream and gas projects.

Domestic capex increased by 44 per cent against the same period last year mainly for investments in the Petronas Nearshore Floating Liquified Natural Gas (LNG) Project in Sabah and the Kasawari Gas Field Development in Sarawak.

Petronas’ total assets strengthened to RM713.6 billion as at March 31, 2023, compared with RM710.6 billion at December 31, 2022 mainly contributed by higher cash and cash equivalents partially offset by lower receivables.

Cash flows from operating activities decreased by RM2.3 billion in line with lower cash generated from operations and higher taxation paid relating to prior year of assessment partially negated by higher interest income received.

For upstream division, PAT for the first quarter of 2023 was RM12.5 billion, increased by RM600 million primarily due to higher revenue partially offset by higher product cost, while revenue for the first quarter of 2023 was RM35.9 billion, higher by RM1.1 billion when compared to the first quarter of 2022.

“It is mainly contributed by higher crude oil and condensates and natural gas sales volume coupled with favourable impact from foreign exchange and this was partially offset by lower average realised price for crude oil and condensates,” it added.

Total daily production average for the first quarter of 2023 was 2,497 thousand barrels of oil equivalent (BOE) per day, higher by 41,000 BOE per day compared to the corresponding quarter.

It is mainly due to higher gas production from Malaysia operations, coupled with higher crude oil production from international operations and this was partially offset by lower condensates and natural gas production from international operations.

As for gas division, PAT was RM8.8 billion against RM8.4 billion in the same quarter of 2022 primarily driven by higher revenue and partially offset with higher product costs, while revenue for the first quarter of 2023 was RM33.2 billion, increased by RM5.7 billion registered in same quarter in 2022 mainly as a result of improved LNG and processed gas average realised prices, higher sales volume as well as favourable impact from foreign exchange.

Malaysia average sales gas volume increased by 310 million standard cubic feet per day mainly due to higher offtake from the power sector in Peninsular Malaysia.

Gross LNG sales volume increased by 0.50 million tonnes mainly due to higher plant production in line with higher demand. — BERNAMA

BacalahMalaysia Team

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