KUALA LUMPUR (Feb 28): Shell Refining Company (Federation of Malaya) Bhd posted a 115% rise in net profit to RM207.8 million for the fourth quarter ended Dec 31, 2016 (4QFY16), from RM96.5 million a year earlier, due mainly to the gradual recovery of the prices of crude oil and other products.

Revenue grew 7.4% to RM2.53 billion from RM2.36 billion in 4QFY15, the group said in a filing to Bursa Malaysia.

Shell said its full year net profit dipped 4.7% to RM335.3 million from RM351.8 million in FY15 as the gross profit margins were offset by a higher depreciation cost.

Revenue for FY16 dropped 7.9% to RM8.37 billion from RM9.08 billion in FY15 due mainly to lower product prices, which are driven by market forces.

On prospects, the group said refinery margins are expected to remain uncertain.

"Operational efficiency, product quality and financial risk management will continue to remain the company's key focus in maximising margin opportunities for FY17," it said.

At 3.50pm, Shell rose 60 sen or 18.58% to RM3.83, for a market capitalisation of RM1.13 billion.