Net profit for the quarter ended December rose to RM18.2 billion from RM11.3 billion in the same quarter last year.

Revenue rose 13.8% to RM61.8 billion.

“Subject to sustainability of (oil) price recovery, the group expects to deliver a satisfactory performance in the next financial year,” Petronas said in a statement.

CEO Wan Zulkiflee Wan Ariffin said the sustainability of current oil prices remains to be seen, although the company pledged a higher dividend payout and increased capital expenditure for 2018.

Wan Zulkiflee said Petronas is committed to paying a dividend of RM19 billion this year to its sole shareholder, the Malaysian government, up from RM16 billion last year.

The company also plans capital expenditure of around RM55 billion, higher than last year’s RM44.5 billion.