Malaysia’s Petronas posts lower H1 profit

KUALA LUMPUR – Malaysia’s state energy firm Petroliam Nasional (Petronas) on Thursday reported a drop in profit in the first half of 2024 compared to the same period last year, attributing it to heightened volatility in the global market weighing on demand.
Petronas reported a profit after tax of 32.4 billion ringgit ($7.48 billion) in the first half, down from 40.2 billion ringgit in the same period of 2023.
Revenue in the first half grew 2 per cent to 171.7 billion ringgit ($39.62 billion), compared to 169 billion ringgit in the corresponding period last year.
“Persistent policy changes and a fragile global economy have weighed their way on demand and growth, and these have redefined market areas,” Petronas’ Chief Executive Officer Tengku Muhammad Taufik Tengku Aziz told reporters, adding the company’s priority was ensuring energy security for Malaysia.
($1 = 4.3340 ringgit)