KUALA LUMPUR: Petronas Dagangan Bhd
(PetDag) is expected to sustain its performance in both the retail and commercial segments, bolstered by a projected 4% to 5% expansion in gross domestic product.
PetDag said the Brent crude oil price is anticipated to stabilise around US$80 per barrel by the end of the year.
“The group remains prudent and continues to be vigilant of the potential impacts of domestic regulatory changes, as well as other global macroeconomics and geopolitical developments,” PetDag said in a filing with Bursa Malaysia.
PetDag said its retail business is strengthening its focus to attract new customers and explore opportunities with strategic partners, while the commercial segment plans to leverage the aviation sector's recovery and other high-margin industries with its competitive pricing.
For the convenience segment, the group said both Mesra and Setel are on track to further expand the non-fuel business.
In the second quarter ended June 30 (2Q24), PetDag posted a higher net profit year-on-year (YoY) to RM276.4mil from RM275.7mil previously.
Revenue for the quarter rose 10.4% YoY to RM9.84bil while earnings per share stood at 27.80 sen.
PetDag said the higher revenue was driven by higher average selling prices, in line with Brent crude oil price which closed at US$84.97 per barrel in 2Q24, an 8.8% increase from 2Q23.
Total volume has increased by 5%, contributed by healthy demand during festive events, successful promotional campaigns and higher volume from airline industry.
The group also experienced reduction in retail diesel volume following the implementation of Subsidised Diesel Control System (SKDS) 2.0 in June 2024, whilst commercial diesel volume registered an uplift, as a result of the higher retail diesel price.
PetDag posted a net profit of RM502.4mil on revenue of RM19.23bil in the first half to June 30.
The group has declared an interim dividend of 20 sen per ordinary share amounting to RM198.69mil for the second quarter, payable on Sept 18.
