PetDag 1Q net profit dips 38% to RM118mil

KUALA LUMPUR: Petronas Dagangan Bhd’s (PetDag) net profit tumbled 38% to RM118.5mil in the first quarter ended March 31 against RM191.11mil a year earlier on higher operating expenditure.

Its revenue for the quarter jumped 24% to RM7.62bil from RM5.14bil previously, following higher sales volume by 20% and increased average selling prices by 24%.

PetDag has declared an interim dividend of five sen per ordinary share amounting to RM49.67mil for the quarter ended March 31. The entitlement date is on June 13 and the payment date on June 24.

During the quarter, PetDag said its retail segment revenue increased by RM750.9mil, mainly contributed by a higher sales volume of 18% as well as an increase in average selling prices by 6% in tandem with higher demand.

The commercial segment recorded an increase in revenue of RM1.71bil or 84%, contributed by higher sales volume by 23% and an increase in average selling prices by 49%.

It said the convenience Segment recorded an increase in revenue of RM10.8mil or 27% contributed by higher sales from MESRA stores following higher demand from easing of restrictions.

It said the crude oil prices are expected to remain highly volatile fuelled by rising concerns of tightening market due to supply fears amidst heightening of geopolitical/Russia-Ukraine conflict and widening Opec+ production gap.

“PetDag is optimistic in maintaining our growth recovery with the encouraging economic factors while remaining cautious towards volatility of crude oil prices that could likely impact our financial performance and liquidity.

“We will continue to monitor, take appropriate mitigation actions and to focus on our future-proof strategies while expanding more collaborative efforts towards the sustainability agenda to bring value-added proposition to our customers,” it said.

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