Malaysia’s nationwide oil and fuel firm has reported MYR 55.09 billion ($12.4 billion) in revenue after tax for 2024, down 31.74 % in comparison with 2023 as decrease costs offset larger gross sales volumes.
Petroliam Nasional Bhd. (Petronas) produced 2.45 million barrels of oil equal a day (MMboed) on common final 12 months, up from 2.43 MMboed in 2023 primarily attributable to “maximization efforts for liquid and pure fuel manufacturing from each worldwide and home operations”, the corporate mentioned.
Petronas put 21 tasks on-line in Malaysia and Indonesia final 12 months, whereas making ultimate funding selections on 11 extra in Malaysia and 6 tasks abroad.
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It offered 247.8 million barrels of petroleum merchandise in 2024, down 48.3 million barrels “primarily attributable to discontinued operations influence”, Petronas mentioned. Petrochemical merchandise gross sales totaled 10.1 million metric tons, up 0.7 million metric tons “in step with larger manufacturing”.
Petronas exported 35.65 million metric tons of liquefied pure fuel (LNG), up from 32.9 million metric tons within the prior 12 months “pushed by larger quantity from third social gathering offtake and higher buying and selling alternatives”, it mentioned.
Home fuel gross sales rose to three.05 billion commonplace cubic ft a day “primarily attributable to larger offtake from non-power and energy sectors in Peninsular Malaysia”.
Whole income for 2024 landed at MYR 319.96 billion, down 6.88 % from 2023. Earnings earlier than curiosity, taxes, depreciation and amortization fell 11.28 % to MYR 114.09 billion. Working actions delivered MYR102.46 billion in money stream, down 10.25 %.
The outcomes had been additionally impacted by Petronas’ divestment of its 74 % stake in Engen Group to Switzerland-based Dutch commodities dealer Vitol, in a transaction accomplished Could 2024. “The online impact of the disposal of Engen Group on the consolidated monetary statements of the Group includes de-consolidation losses amounting to RM2.4 billion primarily arising from the belief of overseas foreign money translation reserves on the disposal date”, Petronas mentioned.
PETRONAS president and chief government Muhammad Taufik mentioned, “PETRONAS’ monetary efficiency in 2024 remained resilient towards a backdrop of continued volatility within the markets and mounting regulatory pressures brought on by world geopolitical shifts”.
“The regular outcomes had been delivered on the again of the Group’s steadfast dedication to prudent monetary administration and portfolio diversification”, Muhammad Taufik mentioned.
“Because the trade contends with evolving market dynamics that can lengthen past 2025, PETRONAS has set in movement a change technique to strengthen its means to ship worth to our shareholders and stakeholders, vitality to our clients, and constructive influence to the communities we serve.
“By way of agency self-discipline in capital allocation and value rationalization, strengthened collaborations and new partnership fashions, in addition to operational and business excellence, PETRONAS will change into extra value-centric, globally aggressive, and agile in responding to market adjustments”.
Petronas ended 2024 with MYR 290.43 billion in present belongings together with MYR 188.48 billion in money and money equivalents. It had MYR 91.43 billion in present liabilities together with MYR 20.06 billion in borrowings.
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