PETRONAS DAGANGAN Q1 NET PROFIT SLIPS TO RM118.49 MLN

KUALA LUMPUR, May 26 (Bernama) -- Petronas Dagangan Bhd’s (PetDag) net profit for the first quarter ended March 31, 2022 (Q1 2022), declined to RM118.49 million from RM191.11 million a year ago.

Revenue for the quarter jumped to RM7.62 billion from RM5.14 billion previously, following higher sales volume by 20 per cent and increased average selling prices by 24 per cent.

In a filing with Bursa Malaysia today, the company said it is optimistic about maintaining its growth recovery with the encouraging economic factors while remaining cautious towards volatility of crude oil prices that could impact its financial performance and liquidity.

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“We will continue to monitor, take appropriate mitigation actions and focus on our future-proof strategies while expanding more collaborative efforts towards the sustainability agenda to bring a value-added proposition to our customers,” it said.

Managing director and chief executive officer Azrul Osman Rani said PetDag has had a good start to the year through the increase in product demand for the first quarter.

“With the country now returning to normalcy, we will capitalise on the encouraging economic factors to strengthen our core businesses and deliver on our growth agenda,” he said in a statement.

In Q1 FY2022, its retail and liquefied petroleum gas (LPG) business registered growth in volume driven by the relaxation of restrictions and improving domestic tourism.

Its commercial business recorded higher sales volume following increased demand from the manufacturing and aviation sectors fueled by the full resumption of business operations and an increase in international and domestic flights.

On the outlook of its business, the lifting of business premises’ operating hours is expected to have a positive impact on the product demand on fuel and non-fuel.

“We will continue to provide a reliable and seamless experience to our customers at the station leveraging our digital platform, to further strengthen the distribution channels of LPG, expand the Petronas AutoExpert outlets in 2022, and accelerate growth via e-commerce platforms for lubricant business,” he said.

-- BERNAMA