Petronas logs 34% profit fall for 2024 on oil price decline

Malaysian state energy group plans to 'right size' its labor force to survive

20250225 Petronas

Lower commodity prices in 2024 dragged down Petronas' net profit for the second year in a row. © Reuters

NORMAN GOH

PENANG, Malaysia -- State energy group Petronas on Tuesday announced that its net profit for 2024 declined 34% to 49.1 billion ringgit ($11 billion), marking the second consecutive annual drop due to lower commodity prices.

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