Friday 29 Mar 2024
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KUALA LUMPUR (Nov 22): Petronas Dagangan Bhd’s (PetDag) net profit in its third-quarter ended Sept 30, 2019 (3QFY19) fell 11.57% year-on-year to RM239 million or 24.1 sen per share from RM270.27 million or 27.2 sen per share last year. The earnings contraction was due to higher product cost, depreciation and amortisation expenses, which offset by higher other income.  

Quarterly revenue was nearly flat at RM7.81 billion in 3QFY19 compared with RM7.82 billion a year ago, said the petrol kiosk operator in a filing with the local exchange.

The group declared an interim dividend of 16 sen per share for the quarter, payable on Dec 20.

Its retail segment’s profit before tax (PBT) fell 26.44% to RM170.3 million in 3QFY19 from RM231.5 million last year due to lower gross profit for Mogas and Diesel following higher product cost and less favourable Means of Platts (MOPS) prices trend compared with the corresponding quarter.

It added that the decrease in PBT was also due to higher depreciation and amortisation.

Revenue for the retail segment, however, grew 2.35% to RM3.95 billion from RM3.86 billion last year, due to higher sales volume on improved stations’ productivity, more operational stations and higher volume registered for the new PETRONAS Primax 95 with Pro-Drive.

For its commercial segment, PBT dropped 1.35% to RM154 million for 3QFY19 versus RM156.1 million last year due to higher operating expenditure. Its revenue fell 2.64% to RM3.85 billion from RM3.96 billion on lower average selling prices.

For its nine-month period (9MFY19), net profit declined 12.48% to RM702.95 million from RM803.17 million. Cumulative revenue increased 1.5% to RM22.5 billion from RM22.17 billion previously.

“Moving forward, we will continue to push for volume growth by leveraging our high-quality products, extensive supply and distribution chain, as well as a vast network of stations and partners. Efforts are also in place to grow our non-fuel segment, through widening the differentiated offerings at our stations and Kedai Mesra,” said group managing director Datuk Seri Syed Zainal Abidin Syed Mohamed Tahir in a separate statement.

“At the same time, we will ramp up our new ventures, such as Setel, in creating new revenue streams that ensure sustainable growth for the company. All these initiatives will be driven by our passion to provide our customers a seamless and frictionless experience,” he added.

Shares of PetDag closed 52 sen or 2.21% higher at RM24.10, bringing it a market capitalisation of RM23.94 billion. The counter saw some 402,500 shares traded.

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