Johannesburg, South Africa — ESI-AFRICA.COM — 26 October 2011 – Improved sales volumes and higher crude oil prices have helped South Africa’s national oil company PetroSA turn around its fortunes.
Reversing last year’s negative annual results, PetroSA announced here that it had posted a net profit of R831million for its 2010/11 financial year. This compared to a net loss of R356 million recorded in FY2009/10.
The announcement added that revenues of R10.5 billion showed an increase of 31% on the previous year’s R8 billion, while cash reserves had improved by 18% to R11.8 billion during the year.
“The increase in revenue was attributable mainly to volumes sold and higher crude oil prices. During the period under review PetroSA’s gas-to-liquids refinery also experienced no major disruptions, resulting in a 25% increase in production volumes over the previous year,” the state oil company said.