Thanks to rising energy prices and increasing sales volume, the Malaysian national oil company Petroliam Nasional Berhad recorded a 55% jump in quarterly profit on Monday, March 13, 2023. Due to an expected slowdown in the global economy, she warned of a fall in prices this year.

The Malaysian national oil company declared a profit of 24.4 billion yuan (5.44 billion dollars) for the three-month period ending in December 2022, compared to a profit of RM15.7 billion in the same quarter of the previous year. Revenues jumped 38% to 105.9 billion ringgits. Petronas joined other major oil companies in 2022 and posted record financial results.

While profit doubled to RM101.6 billion, revenue increased by 51% to RM375.3 billion. Petronas also said the group would continue to exercise careful financial management and firm reinvestment discipline.