Revenue rose 19 per cent to RM63.9 billion from RM53.68 billion, mainly driven by higher average realised prices for key products, coupled with increased efficiency throughout the group.
The company said in a statement today these were partially offset by the effect of the strengthening of the ringgit against the US dollar exchange rate and lower sales volume mainly for liquefied natural gas.
Capital investments for the quarter was RM6.7 billion, mainly attributed to upstream projects.
For the first nine-month period, the group posted a 12 per cent increase in revenue to RM181.1 billion while net profit jumped 50 per cent to RM41 billion from the same period last year.
The improved performance was primarily due to higher revenue, lower net impairment on assets, as well as other expenses. These were partially offset by higher product costs in tandem with higher prices coupled with increased depreciation and amortisation, as well as tax expenses.
Capital investments for the period was RM26.5 billion, mainly attributed to upstream projects in support of the group’s operational excellence and growth strategies.
Total assets increased to RM623.1 billion as at the end of the same quarter, compared with RM599.8 billion as at last December 31.
President and Group Chief Executive Officer, Tan Sri Wan Zulkiflee Wan Ariffin, said Petronas is on track to deliver a strong year-end performance by maintaining its focus on driving efficiency efforts across all our operations.
“The recent drop in oil prices demonstrate the volatile and cyclical nature of the industry and we will continue to maintain our prudent outlook amidst this landscape, while remaining steadfast in pursuing our growth strategies to ensure the long-term sustainability and progress of the company,” said Wan Zulkiflee. — Bernama