Improved performances of the group’s upstream and downstream businesses has been credited with the positive results
PETRONAS has posted financial results for Q3 2017, which shows higher earnings. This has been attributed to improved performances of its upstream and downstream businesses, supported by stronger margins, recovering commodity prices, in addition to its on-going group-wide transformation programs.
The Group’s revenue for the quarter ended 30 September 2017 was up by 14 per cent from the corresponding quarter last year, totaling RM53.7 billion, driven by higher average realized prices for major products and impact of foreign exchange rate.
Profit After Tax (PAT) rosefrom RM6.1 billion in the same period last year to RM10.0 billion, primarily due to higher revenue recorded, as well as lower net impairment on assets and well costs.
There was a rise to RM21.5 billion from RM15.2 billion in Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA), in the same period last year in line with higher Profit Before Tax (PBT).
PETRONAS Group recorded a 15 per cent increase in revenue at RM161.8 billion, for the cumulative period ended 30 September 2017, mainly due to the impact of higher average realized prices and the impact of foreign exchange rate
Cumulative PAT rose to RM27.3 billion from RM12.5 billion in the same period last year, attributed to lower net impairment on assets and well costs. There was a decrease in total assetsto RM600.3 billion as at 30 September 2017 compared to RM603.4 billion as at 31 December 2016.
PETRONAS expects the Group’s overall year-end performance to be better than last year, in light of modest recovery in fuel price and the continued drive for efficiency improvement
“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 fuel prices for PETRONAS to close the year strongly,” said Tan Sri Wan Zulkiflee Wan Ariffin, President and Group CEO PETRONAS.
- A cumulative PAT of RM8.6 billion was recorded by downstream business for the period ended 30 September 2017, driven mainly by sustained operational performance, lower operating costs as well as higher product prices.
- Refineries in Malaysia and South Africa recorded Equipment Effectiveness of 99.4 per cent and 99.9 per cent respectively with Downstream Overall Equipment Effectiveness (OEE) at 94.5 per cent
- Petrochemicals business recorded plant utilization at 91 per cent, sustaining operational performance. Sales volumeincreased by 9 per cent compared to last year, for the period ended 30 September 2017
- 81 per cent completion has been achieved by the Pengerang Integrated Complex (PIC) PWKD27112017