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Petronas cut job 10%, contract ggwp, No 6x bonus, ber1 make noise
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TSnelson969
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 Jun 5 2025, 07:52 PM, updated 7 months ago
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https://www.thestar.com.my/business/busines...r-profits-slumphttps://www.malaysiakini.com/news/745415PETRONAS to cut 10% of workforce after profits slump CORPORATE NEWS Thursday, 05 Jun 2025 5:57 PM MYT PETROLIAM Nasional Bhd. will cut about 10% of its workforce in a firm-wide restructuring as the company looks to reduce costs due to falling crude prices and market volatility that has impacted its profits. Malaysia’s state-owned oil firm will reduce headcount by upward of 5,000 people, Petronas Chief Executive Officer Muhammad Taufik said in a briefing in Kuala Lumpur on Thursday. It will also freeze hiring until December 2026, he said. Petronas’ profits slid 32% in 2024, following a 21% drop in 2023. The challenges are slated to continue this year, in part due to a continued decline in Brent crude prices. - Bloomberg    This post has been edited by nelson969: Jun 7 2025, 07:46 PM
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soul78
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Jun 5 2025, 07:53 PM
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Choppedi Chopz chopz.... it's coming for everyone...  |
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teehk_tee
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Jun 5 2025, 07:55 PM
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Bukan right sizing ke?
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GOPI56
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Jun 5 2025, 07:56 PM
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Yup, the process of retrenchment started early this year.
They were offered VSS, etc. Those long service year really masuk.
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Taikor.Taikun
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Jun 5 2025, 07:57 PM
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Times are bad for everyone. European MNCs also restructuring, downsizing
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GOPI56
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Jun 5 2025, 07:57 PM
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QUOTE(teehk_tee @ Jun 5 2025, 07:55 PM) Right sizing is investor friendly term for retrenchment. |
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max_cavalera
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Jun 5 2025, 08:01 PM
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Normal o&g boom and bust cycle every few years…
One of my ex director also same last time kana VSS petronas.
1 year celery package…
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Jened
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Jun 5 2025, 08:06 PM
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Getting Started
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Oh, this is very bad. 10% is a lot
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MR_alien
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Jun 5 2025, 08:07 PM
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how the tables have turned
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knwong
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Jun 5 2025, 08:07 PM
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QUOTE(max_cavalera @ Jun 5 2025, 08:01 PM) Normal o&g boom and bust cycle every few years… One of my ex director also same last time kana VSS petronas. 1 year celery package… For how many years of service? |
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caviars
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Jun 5 2025, 08:08 PM
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Less profit, less dividend to government.
Next is subsidy cut for RON95.
This post has been edited by caviars: Jun 5 2025, 08:08 PM
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Syie9^_^
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Jun 5 2025, 08:08 PM
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QUOTE(nelson969 @ Jun 5 2025, 09:22 PM) https://www.thestar.com.my/business/busines...r-profits-slumpPETRONAS to cut 10% of workforce after profits slump CORPORATE NEWS Thursday, 05 Jun 2025 5:57 PM MYT PETROLIAM Nasional Bhd. will cut about 10% of its workforce in a firm-wide restructuring as the company looks to reduce costs due to falling crude prices and market volatility that has impacted its profits. Malaysia’s state-owned oil firm will reduce headcount by upward of 5,000 people, Petronas Chief Executive Officer Muhammad Taufik said in a briefing in Kuala Lumpur on Thursday. It will also freeze hiring until December 2026, he said. Petronas’ profits slid 32% in 2024, following a 21% drop in 2023. The challenges are slated to continue this year, in part due to a continued decline in Brent crude prices. - Bloomberg Cut 40% also good. O&G is soon to be sunset industry. Either the path-forward is to be dynamic energy producer OR be dinosaur. |
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Syie9^_^
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Jun 5 2025, 08:11 PM
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QUOTE(Jened @ Jun 5 2025, 09:36 PM) Oh, this is very bad. 10% is a lot 10% is little with 53000 workhorse. |
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ixaRA
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Jun 5 2025, 08:14 PM
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Getting Started
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QUOTE(GOPI56 @ Jun 5 2025, 07:56 PM) Yup, the process of retrenchment started early this year. They were offered VSS, etc. Those long service year really masuk. Dapat VSS banyak. Untung lol |
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GOPI56
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Jun 5 2025, 08:15 PM
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QUOTE(Jened @ Jun 5 2025, 08:06 PM) Oh, this is very bad. 10% is a lot 10% is just the start, many more to come. They planning to focus on profitable bussiness, merge or cut unnecassary departments. Outsource more to vendors for manpower etc. |
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ameliorate
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Jun 5 2025, 08:25 PM
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Even petronas no more golden bowl. Only left gov jobs that are truly safe.
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Syie9^_^
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Jun 5 2025, 08:27 PM
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QUOTE(ameliorate @ Jun 5 2025, 09:55 PM) Even petronas no more golden bowl. Only left gov jobs that are truly safe. govt job also will go. Soon. Bloated like Fat cow with no productivity, Worst than Indonesia.  |
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oldKyoo
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Jun 5 2025, 08:28 PM
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10% why not 60% plenty ada epf 3mil now right?
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TSnelson969
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Jun 5 2025, 08:30 PM
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QUOTE(ameliorate @ Jun 5 2025, 08:25 PM) Even petronas no more golden bowl. Only left gov jobs that are truly safe. Gov no more safe iirc, contract job, pension base on how many year u work. Many term and conditions, which gen z want |
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Jened
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Jun 5 2025, 08:30 PM
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Getting Started
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QUOTE(Syie9^_^ @ Jun 5 2025, 08:11 PM) 10% is little with 53000 workhorse. Oh.. No. Work for big company also cal lose job. So, that's why we need to save some money for emergency. We never know what will happen tomorrow. Very bad news  |
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