Petronas records profit after tax of RM23.4bil in Q1

[superadmin]

KUALA LUMPUR: Petronas’ profit after tax increased to RM23.44 billion for the first quarter ended March 31, 2022 (Q1 FY2022) versus RM9.22 billion a year ago in tandem with higher revenue, following an upward trend in prices partially offset by higher product costs and taxation.

Revenue stood at RM78.75 billion against RM52.55 billion a year ago, predominantly due to the price impact on major products in line with higher benchmark prices, the group said in a statement today.

“Earnings before interest, tax, depreciation and amortisation stood at RM39.55 billion, mainly attributable to higher revenue partially offset by an increase in product costs.

“Cash flows from operating activities stood at RM27.88 billion in line with higher cash from operations (Q1 FY2021: RM14.29 billion).

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