KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) posted a net profit of RM23.8 billion for the first quarter (Q1) of 2023, a two per cent increase from RM23.4 billion in the previous corresponding quarter in 2022. However, compared with its Q4 2022 performance of RM24.4 billion, net profit was two percent lower. The group's revenue for the quarter amounted to RM90.4 billion, an increase of 16 percent compared with the same quarter of 2022, largely due to improved sales volumes and favourable impact from foreign exchange.

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