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KUCHING, Aug 29: Petronas Dagangan Berhad achieved a significant 17 per cent increase in gross profit to RM1.02 billion for the quarter concluding on June 30, 2023 (Q2 FY2023) compared to the same quarter the previous year, primarily due to the stable price trends of Jet A1 and diesel.
According to a media release today, Petronas Dagangan highlighted that the steady growth in sales volume during the quarter can be attributed to an increase in demand for its products, buoyed by festivities and public holidays.
Petronas Dagangan also registered a pre-tax profit growth of 19 per cent to RM375.2 million against the corresponding quarter. While pre-tax profit declined by 8 per cent in comparison to the preceding quarter, the cumulative year-on-year performance showed an increase of 59 per cent, showcasing Petronas Dagangan’s ability to adapt to changing market dynamics and optimise its operations.
Petronas Dagangan managing director and chief executive officer Azrul Osman Rani said, “This quarter’s performance is a compelling testament to the effectiveness of our proven playbook, along with our relentless pursuit to making our customers’ lives simpler and better. These attributes have once again equipped us to skillfully navigate through market volatility.”
“Our focus will remain on optimising supply and demand dynamics whilst ensuring efficient cost management, all of which are essential for fuelling our sustainable and profitable growth in the marketplace, as well as delivering quality end-to-end offerings in the retail fuel industry and beyond,” he added in the statement.
For the quarter under review, Petronas Dagangan has made notable achievements which included the installation of 48 additional Petronas stations with solar panels, bringing the total number of solar-equipped stations to 62.
Meanwhile, its F&B venture, Café Mesra, recently celebrated its first anniversary and has now opened 55 outlets since its establishment in July 2022.
In a forward-looking move, Petronas Dagangan is actively driving the adoption of Sustainable Aviation Fuel (SAF) as a commercially viable option for the aviation industry, further demonstrating its commitment to support the industry’s decarbonisation efforts. During the Langkawi International Maritime and Aerospace (LIMA 2023) exhibition, the company formed strategic partnerships with prominent aircraft manufacturers and helicopter service providers to intensify research and development efforts for SAF in Malaysia.
Petronas Dagangan also signed its first offtake agreement with Malaysia Aviation Group (MAG), representing a significant step forward in making SAF production available in Malaysia at a commercial scale.
This agreement will see Petronas Dagangan supply more than 230,000 tonnes of SAF to MAG’s airlines with the first delivery expected from 2027 at the Kuala Lumpur International Airport (KLIA).
The SAF will be produced at Petronas’ co-processing plant in Melaka and supplied directly to KLIA for flights operated by national carrier Malaysia Airlines and subsequently, to its sister airlines Firefly and MASwings.
In June 2023, Setel was appointed as one of the three official e-wallet service providers for the government’s eBeliaRahmah initiative, aimed at easing the financial burden of, and promoting cashless payments amongst youths.
This initiative allows two million youths to claim a one-off eBeliaRahmah credit worth RM200 conveniently through the Setel app and spend it across Petronas stations and retail stores nationwide.
Azrul said, “We are proud to be recognised as one of the official e-wallet service providers for the eBeliaRahmah initiative. This initiative not only supports our mission to promote cashless payments, but also empowers the younger generation to engage in the digital economy and enjoy the benefits of a cashless lifestyle.”
Petronas Dagangan has declared an interim dividend of 18 sen per ordinary share for the quarter ended 30 June 2023. — DayakDaily
