Improved sales volumes and higher crude oil prices helped SA's national oil company, PetroSA, turn around its fortunes.
Reversing last year's negative annual results, PetroSA on Tuesday said it had posted a net profit of R831 million in net profits for the 2010/11 period.
This compares to a net loss of R356 million recorded in the 2009/10 financial year.
Revenues of R10.5 billion shows an increase of 31% from the previous year's R8 billion while cash reserves 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, compared to the previous year," the state oil company said.
