Kuala Lumpur- Malaysia”s national oil-and-gas company Petronas said Wednesday its net profit climbed 23 percent on-year in half-year through September as skyrocketing oil prices offset lower output.

Petronas, Malaysia”s only Fortune 500 company and the country”s most profitable firm, said net profit in the first half of its latest financial year totaled US$5.46 billion (4.55 billion), up from US$4.44 billion in the same period a year ago.

Revenue jumped 28 percent to US$21.36 billion (17.78 billion) from US$16.71 billion in the first half of the previous year, said Petronas, or Petroliam Nasional Bhd.

Petronas has a monopoly on production in Malaysia”s mostly offshore oil and gas fields, but operates partnerships with foreign companies in refining, according to a report of The Associated Press.