PETRONAS posts 32% profit drop in FY24 amid lower prices, tax adjustments

Quick Summary:

KUALA LUMPUR: Petroliam Nasional Bhd (PETRONAS) saw its net profit drop 32% to RM55.1bil in the financial year ended Dec 31, 2024 (FY24), impacted by lower average realised prices and favourable tax adjustments.

In a statement, the national oil company said the unfavourable realisation of the foreign currency translation reserve, following the divestment of the Engen Group, also impacted its profit.

"The group is set to navigate the challenges by maximising the potential of its assets, prudent financial management as well as productivity and efficiency improvements in the group's endeavour to remain a high-performing organisation," he said.

---

More Pictures

---

Read Quick SummarySave Time

or

Article Details

Category: EconomyBusiness

Markets: MalaysiaCanadaIndonesia

Topics: Corporate News /Business/Business News Engen Group Ebitda Capex PETRONAS Energy Tengku Muhammad Taufik

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-02-25 @ 17:54:00 (3 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 555 words

Reading Time: 4 minutes read

Sentences: 17 lines

Sentence Length: 33 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © The Star

News ID: 26430159

View Article Analysis

About The Star

Main Topics: EconomyBusiness

Official Website: thestar.com.my

Update Frequency: 47 posts per day

Year Established: 1971

Headquarters: Malaysia

News Last Updated: 21 minutes ago

Coverage Areas: Malaysia

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Local / Regional

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #22

Publisher Details

Frequently Asked Questions