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    Petronas nearly doubles profit in Q3

Summary

Revenue was up 61% year/year.

by: Shardul Sharma

Posted in:

Complimentary, Natural Gas & LNG News, Asia/Oceania, Liquefied Natural Gas (LNG), Security of Supply, Corporate, News By Country, Malaysia

Petronas nearly doubles profit in Q3

Malaysian state-owned Petronas on November 30 reported a near doubling of profit in the July-September (Q3) quarter on the back of higher product prices.

The company reported a profit of 30.8bn ringgit ($6.93bn) in Q3, compared with a profit of 16.3bn ringgit in the same quarter a year ago, an increase of 88.9%. Revenue was up 61% year/year to 99.2bn ringgit.

Looking ahead, Petronas expects oil and gas prices to remain volatile, influenced by intensifying geopolitical and economic headwinds.

The company said it will continue to invest responsibly towards ensuring energy supply security whilst pursuing its growth strategy and net zero carbon emissions target by 2050 (NZCE 2050).

Petronas earlier this month announced its NZCE 2050 pathway to accelerate and advance groupwide actions and commitment towards achieving net zero future ambitions.

The company’s short-term target for 2024 is to cap its greenhouse gas emissions at 49.5 mtCO₂e for scope 1 and scope 2 emissions in Malaysia. By 2025, the target is to achieve a 50% reduction in methane emissions from the natural gas value chain.