PETRONAS maintains prudent outlook

Financial highlights (3)

PETALING JAYA: Local energy titan Petroliam Nasional Bhd (PETRONAS) recorded a profit after tax (PAT) of RM23.8bil for its first quarter ended March 31 of the financial year 2023 (1Q23), representing a small 2% year-on-year (y-o-y) growth over the corresponding three months of last year.

The result was achieved on the back of a 16% y-o-y increase in turnover to RM90.4bil, although PETRONAS also disclosed that on a quarter-on-quarter (q-o-q) basis, both PAT and revenue actually slid 2% and 15% respectively from the RM24.4bil and RM105.9bil posted for the three months ended Dec 31, 2022.