KUALA LUMPUR (Nov 27): Petroliam Nasional Bhd (Petronas) said today profit after tax (PAT) increased 43% to RM14.3 billion in the third quarter ended Sept 30, 2018 (3QFY18), from RM10 billion a year earlier, primarily due to higher revenue. 

In a statement today, Petronas said revenue grew 19% to RM63.9 billion, mainly driven by higher average realised prices for key products, coupled with increased efficiency throughout the group. These were partially offset by the effect of the ringgit's strengthening against the US dollar and lower sales volume, mainly for liquified natural gas, according to the company.

"Petronas posted higher earnings for the third quarter ended 30 September 2018, attributed to the group’s continuous execution of business improvement activities, focused on increased operational excellence and supported by higher commodity prices.

"PAT increased by 43 per cent to RM14.3 billion from RM10.0 billion in the corresponding quarter last year, primarily due to higher revenue. This was partially offset by higher product costs in tandem with higher prices, coupled with increased depreciation and amortisation," Petronas said.

For 9MFY18, Petronas said PAT increased 50% to RM41 billion from a year earlier. Petronas said it recorded a 12% increase in revenue at RM181.1 billion.

Petronas president and group CEO Tan Sri Wan Zulkiflee Wan Ariffin said in the statement: “Petronas continues to record another strong quarterly performance, which has further strengthened our financial position. The improved results are driven by ongoing operational improvement efforts throughout the group and supported by improved oil prices during the period."

"Petronas is on track to deliver a strong year-end performance by maintaining our 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,” Wan Zulkiflee said.