Mexican state-run oil company Pemex on April 26 said its net profit rose 29% in the first-quarter compared with the year-earlier quarter, helped by higher crude prices and currency movements.

The company, one of the largest in Latin America, reported a profit of 113.3 billion pesos (US$6.2 billion) in the first three months of the year. Revenue rose 14% to 397.4 billion pesos (US$21.2 billion).

Pemex said the company was helped by higher crude prices, which rose to $56.42 from $44.15 in the quarter, helping push export sales up 23.8%.

Sales in Mexico, particularly gasoline and diesel, also rose 9.2% due to higher prices.

Mexico’s peso also strengthened more than 7% against the dollar in the first-quarter.

The government of President Enrique Pena Nieto enacted a wide-ranging reform in 2013 to 2014 to encourage foreign investment and end the slide in oil output to multiyear lows, ending Pemex’s monopoly in the sector.

Pemex’s crude and natural gas production were both lower in the first-quarter than the same period last year.