Malaysia's Petronas posts 21% annual profit drop on weak energy prices

State energy company recorded $17.2bn in profit and saw 8% drop in revenue

Motorists in Kuala Lumpur line up for natural gas at a Petronas station with company's landmark Twin Towers headquarters in the background. © Reuters

HAKIMIE AMRIE and NORMAN GOH, Nikkei staff writers

March 15, 2024 19:32 JST

KUALA LUMPUR -- Malaysian state energy company Petronas said Friday its full-year profit dropped 21% in 2023 as energy prices fell while revenue also took a hit, with its chief executive warning that the remainder of the year could be volatile.

Petronas posted 80.7 billion ringgit ($17.2 billion) in net profit, down from 101.6 billion ringgit in 2022 when oil prices hit a record high. Revenue for the year fell 8% to 343.6 billion ringgit.