Petronas, Malaysia's state oil firm, reported a first-quarter post-tax profit of MYR23.8bn ($5.17bn), up from MYR23.4bn in the same period a year ago. However, the company warned that it anticipates moderating oil and gas prices to squeeze its profitability this year.
Although revenue rose to MYR90.4bn compared to MYR78.2bn in Q1 2022, it dropped 15% from Q4 2022. Petronas said better revenue performance was due to improved sales volumes and a favourable impact from foreign exchange, but it was offset by lower average realised prices from major products.
The company will maintain a cautious outlook for 2023 given the risk of continued uncertainty and volatility in the business environment, it added.
