KUALA LUMPUR (Nov 25): Petronas Dagangan Bhd's (KL:PETDAG) net profit jumped 81.4% year-on-year to RM335.13 million for the third quarter ended Sept 30, 2024 (3QFY2024), from RM184.72 million previously, on the back of strong margins supported by favourable price trends, coupled with a decrease in overall product costs due to lower purchase premium.

The group also registered higher volume from retail Mogas and the aviation sector, resulting from rising demand and passenger movements both domestically and internationally, which positively impacted the group's profitability, it added.

Earnings per share ballooned to 33.7 sen in 3QFY2024, from 18.6 sen in 3QFY2023.

Quarterly revenue, however, inched down 1.9% to RM9.73 billion from RM9.92 billion a year ago, dragged mainly by lower sales volume in the commercial segment.

PetDag declared an interim dividend of 24 sen per share, payable on Dec 24. This brings the year-to-date dividend payout to 62 sen per share, about 17% higher than the 53 sen per share paid last year.

The group’s receivables, however, had dropped 44% to RM3.15 billion as at end-September, from RM5.63 billion as at end-December 2023.

Consequently, the group’s total assets also fell by 3.9% to RM11.04 billion, against RM11.49 billion during the same period.  

For the nine months ended Sept 30, 2024 (9MFY2024), the group’s net profit grew 9.9% to RM837.57 million from RM762.27 million, as cumulative revenue increased 5.4% to RM28.96 billion from RM27.47 billion.

PetDag has three operating segments, comprising retail, commercial (sales and purchase of petroleum products), and convenience (non-fuel business activities).  

Moving forward, PetDag, in which Petroliam Nasional Bhd (Petronas) controls a 63.92% stake, said the resilient domestic economy continues to provide the group with a conducive and supportive operating environment.

The group will remain focused on operational streamlining and efficiency, as well as growing its core and non-fuel segments, including leveraging Setel and expanding Mesra’s product offerings, in order to deliver seamless customer experience, it said. 

PetDag's share price dropped 30 sen or 1.7% to close at RM17.42 on Monday, valuing the group at RM17.3 billion.