Petron Malaysia Refining & Marketing Bhd (PMRMB) reported a 29% increase in revenue for the third quarter of 2018 to RM3.3 billion, from RM2.56 billion in the same quarter last year. The company attributes the good performance to higher oil prices and growth in sales volume.

Petron’s sales volume for Q3 2018 increased by over 100,000 barrels year-on-year to 9.1 million barrels despite decreased demand from the commercial sector. Benchmark Brent crude averaged US$75 per barrel during the quarter, 44% higher than the US$52 per barrel average in the same quarter last year.

While gross profit remained strong at RM186 million in the quarter, it’s lower than the RM218 million posted over the same period in 2017 when the price differential between crude oil and finished products were more favourable. The contraction in product “cracks” led to a lower net income of RM85 million compared to RM106 million in the same quarter last year.

“We remain optimistic that we will end the year on a high note. We are on track with our strategic programs aimed at reaching more customers while giving them a better experience. We continue our retail and logistical expansion while upgrading efficiencies throughout our supply chain,” said PMRMB chairman Ramon S. Ang.