National oil gas giant, Petronas for the first quarter of this year recorded revenue of RM89.7 billion, which came in higher comparable to the first quarter of 2023 amid prolonged volatility in the pricing landscape. The group said it continues to exercise prudent financial management in its focus to preserve value and deliver energy security for Malaysia and its customers worldwide while pursuing lower carbon solutions.
Revenue is marginally higher at RM89.7 billion as compared to the same period last year while Profit After Tax slipped marginally to RM21.3 billion compared to RM25 billion registered last year’s quarter, while Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) stood at RM36.2 billion.
Cash Flows from Operating Activities (CFFO) decreasedby RM2.1 billion to RM23.4 billion in line with lower profits. Capital Investments (CAPEX) spending amounted to RM10.7 billion primarily attributed to Gas and Upstream projects, including the ongoing LNG Canada Project, La Amarga Chica in Argentina as well as the Nearshore Floating LNG Project and Kasawari CO2 Sequestration Facilities in Malaysia. Domestic CAPEX investment increased by 20 per cent.
- Total Assets strengthened to RM796.3 billion as at 31 March 2024.
- Shareholders’ equity declined to RM434.4 billion as at 31 March 2024, attributable to dividends declared to shareholders amounting to RM32.0 billion.
Commenting on the start of the year results, Group CEO, Tan Sri Tengku Muhammad Taufik said: “PETRONAS’ steady financial performance in the first quarter demonstrates our focused execution of a clear strategy for the energy transition: developing hydrocarbons with measurable and effective decarbonisation initiatives and pursuing cleaner energy solutions.
As we expect to face increasingly difficult headwinds for the rest of the year, PETRONAS will leverage the strength of its integrated portfolio to reinvest with pace and discipline. The Group remains steadfast in its approach to generate profitable growth responsibly and sustainably. At all times, PETRONAS will continue to exercise prudent management of its financial commitments and debt obligations.
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