Malaysia’s nationwide oil and fuel firm has reported MYR171.7 billion ($39.4 billion) in income for the primary six months of 2024, up MYR2.7 billion ($459.5 million) in comparison with the identical interval final yr regardless of weaker promoting costs particularly for liquefied pure fuel.
Gasoline drove a rise in Petroliam Nasional Bhd.’s manufacturing in January–June 2024 from 2.4 million barrels of oil equal a day (MMboed) to 2.5 MMboed.
Regardless of stronger output, earnings dropped on worth volatility. “The extended geopolitical tensions and macroeconomic uncertainties stay the important thing drivers of heightened volatility that proceed to negatively affect the worldwide market”, it mentioned in a press release on its web site.
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In the meantime Petronas attributed the income enchancment to overseas alternate affect. Nevertheless, whereas income elevated, revenue after tax fell 19 p.c year-on-year to MYR 32.4 billion ($7.4 billion) on account of “the deconsolidation of subsidiaries and better taxation”.
On Might 21 Petronas mentioned it had accomplished the sale of its 74 p.c stake in Engen Ltd. to Vivo Vitality Group. Africa-focused Engen distributes oil, lubricants and chemical compounds.
The divestment drove a lower in gross sales volumes from 12.81 billion liters within the first half of 2023 to 12.35 billion liters within the first half of 2024.
On August 7 Petronas additionally mentioned it was withdrawing its operations in South Sudan. Petronas, by means of Petronas Carigali Nile Ltd., had on the time a 60 p.c stake in Block 5A, 40 p.c stake in Block 3 and seven, and 30 p.c stake in Blocks 1, 2 and 4. These blocks have 64 producing fields.
Petronas’ EBITDA for the primary half of 2024 stood at MYR 64.1 billion ($14.7 billion), down 9 p.c year-over-year. Petronas logged MYR 54.8 billion ($12.6 billion) in money circulation from working actions, down 5 p.c year-on-year. Capital investments totaled MYR 25.7 billion ($5.9 billion), primarily pushed by upstream improvement and exploration spending.
Petronas declared MYR 32 billion ($7.4 billion) in dividends for the primary six months of 2024.
“PETRONAS registered commendable efficiency within the first half of 2024, amid continued market volatility and world financial slowdown, bearing testimony to our dedication to prudent monetary administration and the power of our various portfolio”, president and chief government Muhammad Taufik mentioned in a press release.
“Whereas we count on to see extra dynamic shifts within the working panorama for the remainder of the yr, PETRONAS is steadfast in pushing on all fronts throughout our built-in enterprise with a transparent technique and agency capital self-discipline, anchored on our objective as a progressive power and options companion to all of the societies we serve”, Muhammad added.
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