Petronas announced that it has recorded revenues estimated at RM 171.7 billion during the first half (H1) of 2024, recording a slight increase from RM169.0 billion during the same period last year.

The company backed this minor increase to the impact from foreign exchange noting that this was partially offset by lower average realized prices, especially for LNG in tandem with declining benchmark prices.

However, the company revealed that the Profit After Tax (PAT) decreased by 19% to RM32.4 billion, primarily attributable to the deconsolidation of subsidiaries and higher taxation during the period.

Additionally, the Group recorded Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) of RM64.1 billion, lower by RM6.4 billion or 9 per cent, in line with lower profits.

PETRONAS President and Group CEO, Tan Sri Tengku Muhammad Taufik said “PETRONAS registered commendable performance in the first half of 2024, amid continued market volatility and global economic slowdown, bearing testimony to our commitment to prudent financial management and the strength of our diverse portfolio.

As we cross the 50-year mark, PETRONAS remains unwavering in its duty as a National Oil Company to deliver long-term sustainable value for Malaysia’s economic growth. Since inception, PETRONAS has injected RM1.4 trillion into the nation’s economy through dividends, taxes and cash payments.

Having evolved into a global energy player in this time, PETRONAS will continue to strengthen collaboration with forward-looking partners both at home and abroad, accelerating the adoption of technologies and the execution of our Energy Transition Strategy to pave the way for future growth.

While we expect to see more dynamic shifts in the operating landscape for the rest of the year, PETRONAS is steadfast in pushing on all fronts across our integrated business with a clear strategy and firm capital discipline, anchored on our purpose as a progressive energy and solutions partner to all the societies we serve.”