PetDag sees rising demand for bitumen


KUALA LUMPUR: Petronas Dagangan Bhd (PetDag) expects its bitumen segment, which contributed significantly to its profits in 2015, to see continued increase in demand in FY16.

PetDag CEO and managing director Mohd Ibrahimnuddin Yunus said they estimated a 3% growth in demand for bitumen this year.

This follows PetDag’s 33% increase in sales volume for the bitumen segment in 2014, compared to the previous year .

Speaking to reporters after the company’s AGM on Wednesday, he said the bitumen segment had contributed to 15% of the profits in the overall commercial business.

The commercial business contributed 40% of PetDag’s net profit in FY15.
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
   

Did you find this article insightful?

Yes
No

Next In Business News

Fitch sovereign rating revision due to Covid-19, political developments
Fitch downgrades Malaysia to BBB+
INIX signs MOA to buy stake in a glove producer�
Singapore picks Grab, Ant Group, others for four digital banking licences
Widad bags 5-year contract to manage ferry terminals in Perlis, Kedah
Trading volume on Bursa at 2-week high of 14b shares
Activist funds scupper Singapore firm's merger in rare victory
Oil prices jump after Opec+ inks supply compromise
Boilermech sees 20.64m shares traded off-market
Japan Credit Rating Agency affirms Maybank A ratings

Stories You'll Enjoy