PETRONAS records higher Q3 earnings

PETRONAS records higher Q3 earnings

PETRONAS has recorded high Q3 2017 earnings which the company attributes to improved performances of its upstream and downstream businesses which has been supported by recovering commodity prices, stronger margins as well as its on-going group-wide transformation initiatives.

The group’s revenue for the quarter ending 30 September was RM53.7bn, up by 14% from the corresponding quarter last year.

ST - Petronas

Profit after tax rose to RM10bn from RM6.1bn in the corresponding quarter last year. Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) grew to RM21.5bn from RM15.2bn in the corresponding quarter last year.

Capital investments for the quarter was RM12.5bn, mainly attributable to the Refinery and Petrochemical Integrated Development (RAPID) project in Johor. For the cumulative period ended 30 September 2017, PETRONAS Group recorded a 15% increase in revenue at RM161.8bn.

PETRONAS’ President and Group CEO, Tan Sri Wan Zulkiflee Wan Ariffin said “We remain committed to improving efficiency across our operations, and will continue to focus on our transformation initiatives which have produced tangible results. We intend to enhance our efforts to take advantage of the current recovery in oil prices for PETRONAS to close the year strongly.”

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4th Dec 2017

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