KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) recorded RM171.7 billion in revenue for the first half of 2024 (H1’24), a slight increase from RM169.0 billion in the corresponding period last year, mainly due to the impact from foreign exchange.
The increase was partially offset by lower average realised prices, especially for liquefied natural gas (LNG) in tandem with declining benchmark prices.
Despite the higher revenue, the goup’s profit after tax (PAT) decreased by 19% to RM32.4 billion, primarily attributable to the deconsolidation of subsidiaries and higher taxation during the period.
The group recorded earnings before interest, tax, depreciation and amortisation (ebitda) of RM64.1 billion, lower by RM6.4 billion or 9%, in line with lower profits.
Cash flows from operating activities stood at RM54.8 billion, a decrease of RM3 billion or 5%, in line with lower profit generated during the period. Capital investment (capex) amounted to RM25.7 billion mainly from the development and exploration activities in the upstream business.
Domestic capex increased by 18% from the same period last year. Total assets increased to RM798.6 billion as at June 30, 2024 against RM773.3 billion as at Dec 31, 2023, mainly contributed by capital investments during the financial period.
Shareholders’ equity increased to RM443.9 billion, mainly attributable to profit recorded during the financial period partially offset by dividends declared to shareholders amounting to RM32 billion.
Petronas president and group CEO Tan Sri Tengku Muhammad Taufik said Petronas registered a commendable performance in the first half of 2024, amid continued market volatility and global economic slowdown, bearing testimony to its commitment to prudent financial management and the strength of its diverse portfolio.
“Since inception, Petronas has injected RM1.4 trillion into the nation’s economy through dividends, taxes and cash payments,” he said during Petronas Q2’24 financial results announcement press conference today.
Having evolved into a global energy player in this time, he said, Petronas will continue to strengthen collaboration with forward-looking partners both at home and abroad, accelerating the adoption of technologies and the execution of our Energy Transition Strategy to pave the way for future growth.
“While we expect to see more dynamic shifts in the operating landscape for the rest of the year, Petronas is steadfast in pushing on all fronts across our integrated business with a clear strategy and firm capital discipline, anchored on our purpose as a progressive energy and solutions partner to all the societies we serve,” he added.
On outlook, Petronas said the prolonged geopolitical tensions and macroeconomic uncertainties remain the key drivers of heightened volatility that continue to negatively impact the global market.
The national oil and gas corporation said that amid the complexities of the challenging and dynamic landscape, it remains agile in recognising and prioritising opportunities for growth. The group said it is committed to preserving value through cost rationalisation and value-focused investments, both domestically and internationally.
Notably, Petronas stated that it remains progressive in monetising upstream resources while advancing efforts in the renewable energy space.
