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KUALA LUMPUR: Petroliam Nasional Bhd (Petronas), the national oil company. said higher product prices boosted its revenue and profits in the the third quarter, despite lower sales volume.
Revenue rose 50% to RM61.8bil, while earnings before interest, taxes, depreciation, and amortisation (Ebitda) soared 88% to RM26.3bil.The Group recorded a profit after tax of RM35.2bil from the loss of RM19.9bil the corresponding period last year, in tandem with higher Ebitda coupled with lower net impairment losses on assets.
Cash flow from operations more than doubled to RM21.8bil from RM6.3bil, in line with higher cash operating profit and positive working capital movement.
Petronas said the current trajectory of the oil and gas industry is expected to continue, given modest recovery in demand underpinned by improvements of economic activities globally.
"Petronas'' third quarter financial performance demonstrates our relentless focus on the Group's operational and commercial excellence. We continue to ensure the reliability of our operations to leverage the recovery in global energy demand with the safety of our people and assets as our highest priority," president and group CEO Datuk Tengku Muhammad Taufik said in a statement today.