KUALA LUMPUR, May 31 (Bernama) -- For the first quarter ended 31 March 2024, PETRONAS recorded revenue of RM89.7 billion, comparable to the first quarter of 2023 amid prolonged volatility in the pricing landscape.
 
PETRONAS 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.

Q1 FY2024 (Analysis against Q1 FY2023)

· Revenue is marginally higher at RM89.7 billion as compared to the same period last year.
· Profit After Tax (PAT) stood at RM21.3 billion, while Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) stood at RM36.2 billion.
· Cash Flows from Operating Activities (CFFO) decreased by 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.
 
PETRONAS President and 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.
 
As PETRONAS celebrates its 50th anniversary, the Group remains determined to continue contributing to a lower carbon future in line with the PETRONAS Energy Transition Strategy. We aim to fulfil the trust of our stakeholders as their progressive energy and solutions partner. PETRONAS remains steadfast in upholding its amanah to keep energy flowing for economic growth and ensure the energy security of Malaysians and the customers we serve around the world.”
 
Outlook

For the first quarter of 2024, the oil and gas market continued to be affected by the instability of the macroeconomics and geopolitical dynamics amid the energy transition that leads to a prolonged volatile pricing landscape.
 
PETRONAS strives towards preserving its value and remains committed to ensuring energy security for its customers within and outside Malaysia through strategic cost management, a sustained robust portfolio and prudent liquidity management. The Group will continue to execute all efforts to address the increasing market volatilities, while contending with stakeholders’ expectations.
 
In line with its Energy Transition Strategy, PETRONAS is progressing at pace to strengthen its Core Business¹ by continuing towards completion of the Kasawari Gas Field Development in Malaysia and LNG plant in Canada by the end of the year. In addition, PETRONAS is scaling up its New Business² with the commissioning of the inaugural interstate transmission system-connected solar project in India.
 
1. Core Business is divided into four main focus areas – Upstream Malaysia, Upstream International, LNG and Downstream.
2. New Business encompasses Specialty Chemicals, Carbon Capture & Storage, Bio-Based Value Chain, Renewable Energy, Hydrogen, Green Mobility, Non-Fuel Retails, Advanced Materials and Circular Economy.
 
Reference
Click here to view PETRONAS Group Financial Report
Click here to view PETRONAS Group Financial Operational Report
Refer Appendix for Sustainability & Social Impact and Operational Highlights
 
 
Issued by
Media Communications
Group Strategic Relations & Communications
PETRONAS
 
APPENDIX

SOURCE: PETRONAS

FOR MORE INFORMATION, PLEASE CONTACT:
Name: Muhamad Helmi Abd Majid
Executive, Media Communications
Media Communications
Group Strategic Relations & Communications
Tel: + (603) 2392 3055 (DL) / + (601) 4 228 0877(M)

--BERNAMA