PETALING JAYA: Petra Energy Bhd
believes that the positive outlook on the oil and gas industry, exemplified by major oil producers continuing to increase their capital expenditure, augurs well for its financial performance.
Nevertheless, the group emphasised its cautious stance, saying it will continue to pursue other opportunities capitalising on its financial strength. Petra Energy saw net profit for its third quarter ended Sept 30 growing by 86.8% year-on-year to RM30.8mil, despite revenue dropping by 10.3% to RM133.7mil.
Similarly, for the first nine months of 2024, it saw net earnings more than doubling to RM58mil, although turnover had stayed largely flattish at RM415mil compared to the same period a year earlier.
Notably, Petra Energy proposed a dividend of four sen during the quarter, which brings the total dividend declared for the financial year ending December 2024 to seven sen.
