KUALA LUMPUR, March 15 (Xinhua) -- Malaysia's state-owned oil and gas firm Petronas announced Friday that it posted lower profit in 2023 amid lower revenue.
The firm said in a statement that its profit after tax for the year fell 20.57 percent year on year to 80.7 billion ringgit (17.15 billion U.S. dollars).
The firm's revenue for the year also slipped 7.71 percent year on year to 343.6 billion ringgit.
The poorer financial performance was mainly due to lower average realized prices for all products in line with declining benchmark prices.
As for the fourth quarter, the firm's profit after tax also decreased by 31.97 percent year on year to 16.6 billion ringgit.
Its revenue for the quarter also declined by 12 percent year on year to 91.7 billion ringgit.
On the outlook, the firm said the global economy enters 2024 on a weak footing following softer than expected economic performance towards the end of 2023, leading to cautious spending and investments by businesses and consumers.
Amid these macroeconomic headwinds, it said the oil and gas markets face uncertainties due to slower global demand, while supply risks are heightened following increased geopolitical tension in the Middle East and Europe.
At the same time, it said the energy industry is experiencing a shift towards cleaner solutions. ■
