Petronas Posted Lower First-Half 2024 Profits

SEATTLE (Scrap Monster):  Malaysia’s state-owned oil company Petroliam Nasional Bhd (Petronas) posted lower profits during the first half-yearly period in 2024, despite rise in crude. The dip in profits is mainly on account of higher taxes and a shrinkage in its assets base.

The oil major reported Profit After Tax (PAT) of RM32.4 billion in H1 2024, significantly down by 19% when compared with PAT of RM40.2 billion in the corresponding six-month period in 2023. The EBITDA recorded a fall of 9% to RM64.1 billion, down from RM70.5 billion a year before.

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In the meantime, Petronas recorded revenue of RM171.7 billion for the first half of 2024, slightly higher from RM169.0 billion in the corresponding period last year.

The capital investments during the financial period contributed to rise in total assets to RM798.6 billion as at 30 June 2024, against RM773.3 billion as at 31 December 2023, said the company news release.

Tan Sri Tengku Muhammad Taufik, President and Group CEO, Petronas noted that the company registered commendable performance in the first half of 2024, despite ongoing market volatility and global economic crisis. The company looks forward to strengthen its collaboration with forward-looking partners, both at home and abroad, he added.