Petronas records profit after tax of RM23.44bil in 1Q

KUALA LUMPUR: Petronas’ profit after tax increased to RM23.44 billion for the first quarter ended March 31, 2022 (Q1 FY2022) versus RM9.22 billion a year ago in tandem with higher revenue, following an upward trend in prices partially offset by higher product costs and taxation.

Revenue stood at RM78.75 billion against RM52.55 billion a year ago, predominantly due to the price impact for major products in line with higher benchmark prices, the group said in a statement today.