KUALA LUMPUR, Feb 25 (Bernama) -- Petronas Dagangan Bhd (PDB) recorded a lower net profit of RM829.54mil for the financial year ended Dec 31, 2019 (FY19) from RM849.85mil in the same period the previous year.
Revenue, however, increased to RM30.29bil from RM30.07bil previously, due to a sales volume that grew by 5%, which was more than double the industry growth, it said in a filing with Bursa Malaysia today.
Managing director and chief executive officer Azrul Osman Rani said PDB had performed better than market expectations following its relentless efforts in carrying out more customer-centric initiatives, which have pushed sales volume.
"Demand for our products has increased, especially since we launched the Primax 95 with Pro-Drive, a superior quality product that most of our customers have attested to.
"In comparison to last year’s performance, retail business recorded a 16% growth in gross profit and a 7% increase in sales volume," he said.
PDB's commercial business also registered an increase of 8% in gross profit and 4% in sales volume primarily from higher demand for Diesel, Jet A1 and Bitumen. Despite a competitive and declining market, its liquefied petroleum gas (LPG) business recorded a 1 per cent volume growth.
"With the nationwide launch of SETEL (e-payment solution) and introduction of ROVR (mobile refuelling service), PDB continues to provide a seamless and frictionless experience to customers.
"SETEL is an advanced retail intelligence platform that upgrades the fuel payment, loyalty and retail experience, while ROVR is the country’s first mobile refuelling service," added Azrul.
PDB has declared an interim dividend of 25 sen per ordinary share and a special dividend of 15 sen per ordinary share for Quarter 4 FY19.
For FY19, PDB declared a total dividend of 85 sen per ordinary share, which represented a 104% payout.