PETALING JAYA: Petronas Dagangan Bhd
(PetDag) will continue to focus on streamlining operations and improving efficiency while expanding its core and non-fuel segments.
This includes leveraging Setel and enhancing Mesra’s product offerings to provide a seamless customer experience.
In the third quarter ended Sept 30, 2024 (3Q24), PetDag’s net profit jumped 81.4% to RM335.1mil compared with RM184.7mil in 3Q223.
It posted a pre-tax profit of RM445.9mil, up 70% against 3Q23, on the back of strong margins negated by elevated operating expenditure in line with increased activities. PetDag said the strong margin was driven by favourable price trends for commercial products and a reduction in overall product costs due to lower purchase premiums.
The group also registered higher volume mainly from retail motor gasoline and aviation sector, resulted from rising demand and passenger movements both domestically and internationally, which has positively impacted its profitability.
Revenue for the quarter, however, dipped 1.9% to RM9.73bil against RM9.91bil posted last year while earnings per share rose to 33.70 sen from 18.60 sen a year ago.
For the first nine months, it reported a 9.8% increase in net profit to RM837.6mil, along with a 5.4% rise in revenue to RM29.9bil.
PetDag has declared an interim dividend of 24 sen per ordinary share amounting to RM238.43mil, payable on Dec 24, 2024.
