Malaysia's Petronas posts lower Q4 profit amid fall in energy prices
KUALA LUMPUR, March 15 (Reuters) - Malaysia's state energy firm Petroliam Nasional (Petronas) IPO-PETO.KL on Friday reported a drop in profit for the fourth quarter of last year, due to lower energy prices.
Petronas reported a profit of 16.6 billion ringgit ($3.53 billion) in the October-December period, down from 24.4 billion ringgit in the same quarter of 2022.
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Revenue in the quarter fell 12% to 91.7 billion ringgit, from 104.2 billion ringgit in the corresponding three-month period in 2022.
Petronas recorded full-year 2023 revenue of 343.6 billion ringgit, while profit was at 80.7 billion ringgit.
Petronas' Chief Executive Officer Tengku Muhammad Taufik said oil and gas markets were expected to face uncertainties in 2024, due to slower global demand as well as heightened supply risks stemming from geopolitical tensions in the Middle East and Europe.
"Despite the volatile global environment showing no signs of receding, Petronas remains resolute in its commitments to firstly monetise resources responsibly for economic growth," Muhammad Taufik said in a press conference.
Petronas would continue to uphold capital discipline by strengthening its core upstream, downstream, and liquefied natural gas businesses, while seeking new opportunities in clean energy solutions and other areas, he said, adding the company was on track to meet its target of capping emissions at 49.5 million tons CO2e by 2024 in its domestic operations.
($1 = 4.7000 ringgit)
(Reporting by Danial Azhar; Writing by Rozanna Latiff; Editing by Kanupriya Kapoor)