Chevron Lubricants Lanka said a surge in exports, mainly to Bangladesh, last year helped compensate for stagnant sales in the domestic market.
Total export revenue grew by 24 percent in 2014 to reach 872 million rupees from a year ago.
Sales to Bangladesh lead the way with a growth of 29 in export revenue, the company said.
Export revenue from the Maldives grew by 10 percent with the company saying in its annual report to shareholders that marine lubricant sales continued to grow steadily.
But it said that as expected, in 2014 the domestic industry showed "little or no growth".
Because of longer engine oil drain intervals and increased competition, domestic lubricant volumes came under pressure during the year with local sales virtually stagnant or even contracting.
But profits increased during the year as Chevron Lubricant Lanka focusd on selling higher margin products and also because of lower base oil prices with the collapse in global crude oil prices.
"Although the company experienced a tapering off of its local sales volumes, this loss was offset partially by sales gains in export markets, especially in Bangladesh," chief executive Kishu Gomes said.