By DayakDaily Team
KUCHING, Nov 26: PETRONAS Dagangan Berhad (PETRONAS Dagangan) reported a significant pre-tax profit surge of 70 per cent, reaching RM445.9 million for the third quarter of 2024 (Q3 FY2024), compared to the same period last year.
For the quarter ending Sept 30, 2024, the company recorded total sales volume of 4.3 billion litres, marking a 2 per cent increase over Q3 FY2023. This growth was primarily driven by higher demand in Retail Mogas and the aviation sector, supported by increased passenger movements both domestically and internationally.
In a statement today, PETRONAS Dagangan attributed its strong performance to favourable price trends and reduced product costs, which resulted in improved margins across both retail and commercial segments.
For the nine months ending Sept 30, 2024, the company’s revenue reached RM29.0 billion, a 5 per cent year-on-year increase, supported by a 4 per cent rise in sales volume and higher average selling prices.
Cumulatively, pre-tax profit grew 12 per cent to RM1.2 billion, driven by higher gross profits across all business segments.
PETRONAS Dagangan managing director and chief executive officer Azrul Osman Rani said, “This quarter’s performance reflects our strategic focus on operational efficiency and targeted growth across our business segments. The strong profitability underscores the trust our customers place in us, the strength of our operations and our commitment to excellence across all touchpoints. As we approach the year-end, these efforts enhance our resilience and the value we provide to customers.”
With robust domestic consumption and a recovery in trade activities, Malaysia’s economy is expected to remain resilient, with Gross Domestic Product (GDP) growth projected between 4.8 and 5.3 per cent in 2024.
PETRONAS Dagangan observes that this positive economic outlook will support the company’s steady performance across all business segments through the year-end.
The company vows to continue strengthening its core business and expand non-fuel offerings, while leveraging Setel to improve customer experience.
Additionally, PETRONAS Dagangan is focused on expanding Mesra’s product offerings to meet evolving customer needs.
“While we focus on closing the year strongly, our commitment remains on achieving continuous growth and creating value for our stakeholders as well as ensuring our commitment to making life simpler and better for our customers,” added Azrul.
PETRONAS Dagangan has declared an interim dividend of 24 sen per ordinary share for the quarter ended Sept 30, 2024. — DayakDaily
