Petronas has posted a 55 percent jump in quarterly profit today on higher energy prices and bigger sales volume, but warned of moderating prices for this year due to an expected slowdown in the global economy.
The state oil firm reported a profit of RM24.4 billion for the three-month period ending December 2022, compared with a profit of RM15.7 billion in the same quarter a year ago.
Revenue jumped 38 percent to RM105.9 billion.
For 2022, Petronas joined other oil majors in posting record financials: revenue surged 51 percent to RM375.3 billion, while profit doubled to RM101.6 billion.
Energy prices rose in 2022 after Russia's invasion of Ukraine, boosting oil companies' profits.
Petronas chief executive officer Tengku Muhammad Taufik said he expects prices to correct this year.
"As demand recovery is still fragile, based on supply challenges, this means volatility," he said at a news conference.
Petronas also said the group will continue to exercise prudent financial management and firm discipline in reinvesting.
- Reuters
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