Snippets
Petronas Q3 revenue up 14%
 23 Nov 2017 21:18
Petronas’ profit after tax grew to RM10 bil

Petroliam Nasional Bhd (Petronas) reported a 14% rise in revenue for its third quarter ended Sept 30, to RM53.7 bil, supported by recovering commodity prices, stronger margins and group-wide transformation initiatives.

The group’s profit after tax (PAT) grew 64% to RM10 bil from RM6.1 bil on lower net impairment on assets and costs.

With rising global oil prices, Petronas hopes to close the year strongly. “We remain committed to improving efficiency across our operations, and will continue to focus on our transformation initiatives which have produced tangible results,” says Petronas president and group CEO Tan Sri Wan Zulkiflee Wan Ariffin.

“We intend to enhance our efforts to take advantage of the current recovery in oil prices for Petronas to close the year strongly.”

On Nov 23, Brent crude oil price eased slightly to US63.16 a barrel from US$63.32 the previous day. It has been hovering above US$60 since Oct 27.

Petronas’ upstream assets saw lower total production volume, down to 2.3 million barrels of oil equivalent (BOE) per day for the cumulative period ended Sept 30, from 2.34 million BOE in the same period last year.

Its downstream business recorded a cumulative PAT of RM8.6 mil, driven primarily by sustained operational performance, higher product prices and lower operating costs.

The group expects an improved overall year-end performance on the back of a modest recovery in oil prices and a continued drive for efficiency improvement.