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Total annual revenue decreased by 0.2% to 305.1 billion Malaysian ringgit ($70.2 billion). At the same time, net earnings decreased by 34% to 49.1 billion ringgit ($11.3 billion). The company linked the declining performance to reduced energy prices from the previous year and the adverse effects of foreign exchange rates.
Previously, state-owned Petronas had disclosed intentions to enhance its operations. The CEO of the company, Tengku Muhammad Taufik, stated, “If we don't initiate this process promptly, Petronas will cease to exist in a decade.”
The company's primary activities last year revealed a significant decline in performance: profits from oil and gas extraction decreased by 12%, and refining reported a loss of 700 million ringgit ($161 million), whereas the previous year, these operations generated a profit of 7.1 billion ringgit ($1.6 billion).
source: bloomberg.com
Previously, state-owned Petronas had disclosed intentions to enhance its operations. The CEO of the company, Tengku Muhammad Taufik, stated, “If we don't initiate this process promptly, Petronas will cease to exist in a decade.”
The company's primary activities last year revealed a significant decline in performance: profits from oil and gas extraction decreased by 12%, and refining reported a loss of 700 million ringgit ($161 million), whereas the previous year, these operations generated a profit of 7.1 billion ringgit ($1.6 billion).
source: bloomberg.com
