BUSINESS

PetDag Q3 profit jumps to RM275.97 mln on higher sales volume, declares 20 sen dividend

29/11/2022 02:59 PM

KUALA LUMPUR, Nov 29 (Bernama) -- Petronas Dagangan Bhd (PetDag) posted a higher net profit of RM275.97 million in the third quarter ended Sept 30, 2022 (Q3 2022)from RM119.31 million in line with higher gross profit contribution from the commercial segment following favourable price movements and higher demand.

Revenue increased to RM10.13 billion from RM5.24 billion in Q3 2021 due to improved sales volume and higher average selling prices by one per cent.

Basic earnings per share more than double to 27.80 sen from 12 sen previously, the retailer and marketer of downstream petroleum products said in a filing with Bursa Malaysia.

PetDag has declared an interim dividend of 20 sen per ordinary share for the quarter ended Sept 30,  2022 payable on Dec 27, 2022.

Managing director and chief executive officer Azrul Osman Rani said in a statement that the company’s stronger performance across all business segments is in line with the improved economic environment post COVID-19 pandemic.

“We will continue to strengthen our core business, progressing with the country’s economic recovery while remaining cautious of external headwinds and global uncertainties, including the future risk of global recession.

“Moving forward, we will double down our efforts to grow our revenue streams from non-fuel product segments as we continue to shape our sustainability pathway. This is part of our aspirations to future-proof our business and deliver better value to our shareholders,” he said.

The share price of PetDag rose 10 sen to RM22.18 at lunch break with 109,600 shares transacted.

-- BERNAMA


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