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BUSINESS

Petronas Dagangan shares down in early trade on weaker Q1 net profit

27/05/2022 11:32 AM

KUALA LUMPUR, May 27 (Bernama) -- Petronas Dagangan Bhd’s (PetDag) shares on Bursa Malaysia went down in the early trading session today after the group reported a lower net profit for the first quarter ended March 31, 2022 (Q1 2022).

At 11.19 am, the counter shed 8.0 sen to RM21.04 with 61,900 shares changing hands.

In a filing with Bursa Malaysia on Wednesday, PetDag announced that its net profit declined to RM118.49 million in Q1 2022 from RM191.11 million a year ago, despite a jump in revenue to RM7.62 billion from RM5.14 billion previously.

Revenue had improved due to higher sales volume and increased average selling prices.

The company said it is optimistic about maintaining its growth recovery with the encouraging economic landscape, while remaining cautious over the volatility of crude oil prices that could impact its financial performance and liquidity.

“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.

-- BERNAMA


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