Petronas more than doubles profit in H1
Malaysian state-owned oil and gas company Petronas on August 30 reported a 147% year/year rise in profit after tax in the first half of 2022 owing to elevated oil and gas prices.
The company booked a profit of 46.4bn ringgit ($10.4bn) compared with 18.8bn ringgit last year. The company recorded a revenue of 172.1bn ringgit as against 109.6bn ringgit in the first half of 2021.
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The profit for the second quarter was 23bn ringgit, compared with 9.6bn ringgit profit in the same quarter last year. Petronas’ revenue jumped 63% yr/yr to 93.3bn ringgit in Q2.
In the first half of 2022, Petronas delivered 201 LNG cargoes from Petronas LNG Complex in Bintulu. The company supplied 22 LNG cargoes from its two floating LNG facilities, PFLNG Satu and PFLNG Dua. Late last year, Petronas awarded two front end engineering design contracts to a JGC Corporation-Samsung Heavy Industries consortium and to Saipem for a nearshore LNG project in Sabah. This would be its third floating LNG facility.
Commenting on the outlook for the rest of the year, Petronas said the prolonged geopolitical tensions, energy supply-demand imbalances and the risk of a global slowdown, continue to threaten the post-pandemic economic recovery.