Petronas reports highest-ever earnings in 2022, cautious on outlook for 2023

[KUALA LUMPUR] MALAYSIA’S state energy company Petroliam Nasional (Petronas) on Monday (Mar 13) reported earnings for 2022 that were its strongest on record, driven by higher oil and gas prices. Management nevertheless telegraphed a cautious position for 2023.

The world’s fourth-largest liquefied natural gas exporter saw its 2022 profit after tax double to RM101.9 billion (S$30.43 billion), while revenue rose 51 per cent to RM375.3 billion. For the fourth quarter of the year, revenue increased 38 per cent to nearly RM106 billion, while profit surged 55 per cent to RM24.4 billion.

Petronas president and group chief executive officer Tengku Muhammad Taufik Tengku Aziz attributed the good earnings to the favourable price impact for all products and higher sales volume.