KUALA LUMPUR (Nov 23): Petroliam Nasional Bhd’s (Petronas) quarterly net profit jumped 63.5% to RM9.96 billion for the third quarter ended Sept 30, 2017 (3QFY17) fuelled by the recovery in crude prices together with the soft ringgit and lower net impairment.

The sharp rise in quarterly earnings has resulted in the national oil firm’s net profit more than doubling to RM27.31 billion in the nine-month period ended Sept 30, 2017 (9MFY17) from RM12.49 billion a year ago.

Petronas said in the statement issued this evening that it expects its overall performance for FY17 to be better than last year’s in light of the modest recovery in oil price and its continued drive for efficiency improvement.

“We intend to enhance our efforts to take advantage of the current recovery in oil prices for Petronas to close the year strongly,” said president and group chief executive officer Tan Sri Wan Zulkiflee Wan Ariffin in the statement.

He added that the group remains committed to improving efficiency across its operations, and will continue to focus on its transformation initiatives, which have produced tangible results.

The national oil firm’s quarterly revenue grew 14.2% to RM53.7 billion year-on-year, thanks to higher average realised prices for its major products coupled with a weaker ringgit against the US dollar, according to the national oil firm’s statement issued this evening.

Petronas said that its earnings grew on the back of improved performances in both its upstream and downstream businesses, supported by recovering commodity prices, stronger margins and on-going group-wide transformation initiatives.

However, the growth on quarterly earnings had been offset by higher tax expenses, product costs, and amortisation of oil and gas (O&G) properties.

Petronas’ capital investment amounted to RM12.5 billion in 3QFY17, mainly attributable to the Refinery and Petrochemical Integrated Development (RAPID) project in Johor.

For 9MFY17, the accumulative revenue grew 15% to RM161.84 billion from RM140.71 billion, mainly due to higher average realised prices across and favourable foreign exchange rate.