Petronas: PETRONAS Registers Robust Nine Months Performance, Advances Actions for Net Zero and Just Energy Transition

PETRONAS has delivered a robust performance in the first nine months of 2022 in an energy market that continues to be volatile combined with the acceleration of the energy transition.

The Group’s strong performance was driven by its focus to safely deliver commercial and operational excellence across the integrated value chain, supported by high commodity prices.

The Group will continue to exercise discipline in investing responsibly towards executing the PETRONAS three-pronged growth strategy and Net Zero Carbon Emission by 2050 (NZCE 2050) targets.

Cumulative Period Ended 30 September 2022
(Analysis against Cumulative Period Ended 30 September 2021)

For the first nine months of 2022, the Group recorded an improved revenue of RM271.3 billion, compared to RM171.4 billion in the corresponding period last year, mainly due to favourable price impact for major products aligned with higher benchmark prices.

Profit after Tax (PAT) improved to RM77.2 billion and Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) stood at RM130.2 billion.

Cash Flows from Operating Activities (CFFO) increased to RM83.1 billion.

Total assets strengthened to RM725.6 billion as at 30 September 2022, compared to RM635.0 billion as at 31 December 2021.

Shareholders’ equity increased to RM386.2 billion as at 30 September 2022, compared to RM350.8 billion as at 31 December 2021 mainly attributable to profit recorded during the period.

The Group’s capital investments (CAPEX) stood at RM27.4 billion, an increase of 34 per cent as compared to same period last year. Upstream business remains a major contributor.