KUALA LUMPUR: Malaysia’s state energy firm Petronas on Friday said its first-quarter profits were more than twice the figure seen in the same period last year as higher oil prices buoyed revenues.
The unlisted firm, the single largest source of Malaysian government’s revenue and national export earnings, said currency fluctuation and increased gas production had also boosted revenues, which rose 25 percent to 61.6 billion ringgit ($14.4 billion).
This helped Petronas to post a 10.3-billion ringgit net profit for the first three months of this year, compared with 4.6 billion ringgit during the same period in 2016.
In a statement, Petronas said it was maintaining “a conservative outlook for the remainder of 2017 despite the positive results as supply and demand balances are still slow to return to a sustained equilibrium.”
Malaysia’s only Fortune 500 company saw a 12 percent rise in annual profits for 2016 after it slashed spending to offset slumping oil prices.
It reported sharp profit drops in the first two-quarters of last year before recovering in the second half.
Malaysia’s economy grew at its fastest pace in two years during the first quarter, the central bank said last month, boosted by stronger domestic demand and a pick-up in exports.
Global oil prices surged above $50 a barrel for much of the early part of the year, after the Organization of the Petroleum Exporting Countries (OPEC) decided at the end of last year to reduce output over a six-month period to support prices.
Profit more than doubles for Malaysia’s Petronas
Profit more than doubles for Malaysia’s Petronas
King Abdulaziz Airport among world’s busiest after record-breaking 2025
RIYADH: King Abdulaziz International Airport has achieved a new historical milestone, reaching 53.4 million passengers in a single year.
This is the highest number ever recorded at a Saudi airport since the beginning of air travel in the Kingdom, placing it among the world’s mega airports in terms of passenger traffic, according to the Saudi Press Agency.
The airport handled a total of 310,000 flights and 60.4 million bags, representing a 12 percent increase compared to 2024. It also handled 9.57 million Zamzam water containers and 2,968 cargo flights.
This achievement reflects the airport’s qualitative transformation and its position as a regional hub and national gateway connecting the Kingdom to the world. It also highlights its role in facilitating the movement of visitors and pilgrims, promoting tourism in line with the goals of Vision 2030, diversifying the economy, and providing a distinguished travel experience.
For his part, CEO of Jeddah Airports Co. Mazen Johar, affirmed that reaching 53.4 million passengers confirms the airport’s high operational readiness and represents a pivotal milestone for moving to the next phase, in preparation for doubling this number, God willing, in the coming years.
He pointed out that this national achievement would not have been possible without the grace of God Almighty, followed by the directives of the wise leadership and the continuous follow-up from the minister of transport and logistics, the president of the General Authority of Civil Aviation, and the CEO of Airports Holding Co.
He explained that King Abdulaziz International Airport is strengthening its position as a major aviation hub in the region through expansions, increased capacity, and improved services, supporting the objectives of the aviation program and aligning with the goals of the Kingdom’s Vision 2030.
The CEO of Jeddah Airports Co. expressed his gratitude to the partners in success from various government and private sectors for their fruitful cooperation through a collaborative work system that contributed to providing the best services.
