PETRONAS Dagangan records net profit of RM275.97mil in 3Q, declares 20c/share dividend


"PETRONAS Dagangan’s robust recovery is in tandem with the surge in economic activities following Malaysia’s ongoing transition to the Covid-19 endemic phase and the re-opening of more economic and social sectors," said PETRONAS Dagangan director and CEO Azrul Osman Rani

KUALA LUMPUR: PETRONAS Dagangan director and CEO Azrul Osman Rani said the group will continue to strengthen its core business in line with the country's economic recovery.

He added however that the downstream petroleum retailer remains cautious of external headwinds and global uncertainties, including the risk of future recession.

Over the third quarter ended Sept 30, 2022, PETRONAS Dagangan posted a net profit of RM275.97mil, which was more than double the net profit of RM119.31mil in the same quarter last year.

The group's earnings per share jumped to 27.8 sen compared with 12 sen in the comparative quarter.

Revenue nearly doubled from the previous corresponding quarter at RM10.13bil, due to higher sales volume and higher average selling prices.

"PETRONAS Dagangan’s robust recovery is in tandem with the surge in economic activities following Malaysia’s ongoing transition to the Covid-19 endemic phase and the re-opening of more economic and social sectors.

"Correspondingly, PDB’s Commercial segment saw stronger growth in gross profit during the quarter on the back of increased sales volume, driven by the surge in international travel and growth in the services industry, as the tourism sector continued to gain momentum.

"Meanwhile, both retail and convenience segments also registered higher gross profit contributed by the easing of Covid-19 restrictions during its endemic phase, compared to during the Movement Control Order (MCO) imposed in the corresponding quarter last year," said Azrul.

For the nine months to Sept 30, 2022, PETRONAS Dagangan posted a net profit of RM632.14mil, 61.03% higher than in the same period last year, while revenue rose 75.1% year-on-year.

In line with the group's performance, the group declared an interim dividend of 20 sen per share, with entitlement date on Dec 14, 2022, and payable on Dec 27, 2022.

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