00:00Ladies and gentlemen, how do we begin?
00:04The geopolitical fragmentation that has been gathering momentum in the post-COVID era
00:10unfortunately persisted and intensified throughout last year.
00:15The significant shifts in the political, economic and diplomatic landscape
00:19have inevitably resulted in governments across the world reacting to safeguard their respective national interests.
00:26More and more across the globe, we are now witnessing the implementation of regulatory and business policies
00:32that prioritise energy security and indeed resource sovereignty.
00:39So even as these same economies pursue industrial and technological competitiveness with even greater fervour.
00:47These responses are expected, but they are contributing to an increasingly fragile global economy
00:54and making our operating environment even more uncertain.
00:58This necessitates all businesses to continuously adapt and pivot their strategies with a marked focus on building resilience.
01:07During the period of the review, some notable metrics you need to take cognizance of,
01:12oil prices fell by 14% to $69 per barrel from $81 per barrel in the prior year.
01:20This was attributable to oversupply concerns and persistent macroeconomic headwinds.
01:25The average LNG spot prices, however, increased by 7% from 2024 to 2025 by reaching $12.70 per MMBTU.
01:35This indicates rising demand for LNG not only in Northeast Asia or core markets but also in Europe.
01:42Refining margins recovered somewhat by 18% in 2025, partially due to short-term supply-demand dynamics.
01:51Ethylene, which we use as a proxy for chemical prices, saw a reduction, indicating that this sector is facing softening,
01:58a reduction of 12% in 2025 to levels which are lowest on record as a result of prolonged global
02:05oversupply and persistent weak demand.
02:09Petronas navigated the continued volatility we saw last year with focus,
02:13a focus that was relentless on strengthening portfolio resilience, as I mentioned earlier.
02:18We did this through strategic partnerships, we did this through portfolio high grading and we also embarked on value-aggressive
02:26undertakings.
02:28These efforts continue to be underpinned by prudent financial management and certainly we still continue to pursue operational and commercial
02:36excellence.
02:36As a result, I can now report that Petronas financial performance for the full year of 2025 remained resilient,
02:44with a profit after tax of $45.4 billion on the back of $266.1 billion in revenue.
02:54EBITDA stood at $103 billion for the year under review.
02:59Puan Liza will of course elaborate on these financial highlights shortly.
03:03In delivering the group's performance, safety of course continues to be the top imperative in all of our business and
03:10operations
03:11and I am pleased to report that for the year 2025, Petronas recorded a lost time injury frequency of only
03:190.15 per million man-hours
03:21and we continue to work to improve this.
03:23The group is also very pleased to report that we recorded zero fatality across operations under our control.
03:32The group will also continue to do all that is possible to uphold this benchmark and create a safe working
03:38environment for all its employees,
03:41all of our partners and indeed the community at large.
03:53the group have."
03:58The group can help from seeing who represent his top number types of problems.
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