KUALA LUMPUR, Aug 21 (Bernama) -- PETRONAS Dagangan Berhad (PETRONAS Dagangan) announced strong financial results for the second quarter of 2024 (Q2 FY2024), despite operating in a challenging market environment.
 
For the quarter ended 30 June 2024, PETRONAS Dagangan achieved a record quarterly sales volume of 4.3 billion litres, driven by healthy demand during festive events, successful promotional campaigns and higher volume from the airline industry. This growth in volume contributed to a 10 per cent increase in revenue to RM9.8 billion compared to RM8.9 billion in the corresponding quarter last year. While retail diesel volume saw a slight dip in June 2024 following the implementation of the Subsidised Diesel Control System (SKDS) 2.0, this was offset by growth in commercial diesel volume due to the higher retail diesel price. Overall, PETRONAS Dagangan’s pre-tax profit improved by 6 per cent despite the increase in operating expenditures in line with higher activities.

Cumulatively, revenue for the first half of 2024 (1H FY2024) saw an increase of 10 per cent to RM19.2 billion. This growth was underpinned by strong demand, significant festive events and compelling promotional activities, further complemented by robust air passenger movements during this period. Although higher product costs and operating expenditures posed challenges, the Company generated a healthy pre-tax profit of RM722.9 million, demonstrating its ability to navigate market dynamics effectively.
 
PETRONAS Dagangan Managing Director and Chief Executive Officer Azrul Osman Rani said, “This record sales volume is a testament to the strength of our brand and the trust our customers place in us. While we acknowledge the challenging market conditions, we are committed to ensuring sustained performance through strategic focus and operational efficiency. Our ability to maintain profitability in this environment underscores the resilience of our business model and the effectiveness of our strategies.”
 
Looking ahead, PETRONAS Dagangan remains focused on sustaining its performance across all segments. For the Retail segment, the Company will continue to grow its customer base and pursue value-adding partnerships to expand its reach. The Commercial segment is set to capitalise on the aviation sector’s ongoing recovery and opportunities in other high value margin sectors, leveraging its competitive pricing advantage. Meanwhile, the Convenience segment, led by Mesra and Setel, will remain a key driver of growth in the non-fuel business.
 
“We will continue to focus on navigating the complexities of the market while investing in key growth areas, enhancing operational efficiency and delivering on our commitment to making life simpler and better for our customers. As we have for the past 42 years, PETRONAS Dagangan will continue to uphold our promise to the stakeholders we serve,” Azrul concluded.

PETRONAS Dagangan has declared an interim dividend of 20 sen per ordinary share for the quarter ended 30 June 2024.

ABOUT PETRONAS DAGANGAN BERHAD
 
PETRONAS Dagangan Berhad is the principal domestic marketing arm of Petroliam Nasional Berhad (PETRONAS), which holds 63.94% of its equity. Incorporated in Malaysia under the Companies Act 1965 on 5 August 1982 and listed on the Main Board of Bursa Malaysia on 8 March 1994, PDB has since established itself as Malaysia’s leading retailer and marketer of downstream oil and gas products.

The Company markets a wide range of high-quality petroleum products including motor gasoline, aviation fuel, kerosene, diesel, fuel oil, bunker fuel, lubricants, liquefied natural gas (LNG) liquefied petroleum gas (LPG) and bitumen in Malaysia.
 
As part of its strategy to grow its non-fuel offerings, the Company has incorporated Mesra Retail & Café Sdn Bhd in 2021, which focuses on food and beverage (F&B) business.
 
Since 2015, PDB has been certified as a constituent company member of FTSE4Good Index Series – a testament to the Company’s commitment to strong environmental, social and governance practices measured against globally recognised standards.
 
SOURCE :  PETRONAS DAGANGAN BERHAD

FOR MORE INFORMATION, PLEASE CONTACT:
Name: Myra Liyana Razali
Tel: 03 – 2392 7252 | 012 – 689 0188
Email: myraliyana.razali@petronas.com.my 

--BERNAMA