PETDAG NET PROFIT LOWER AT RM239 MLN IN Q3 2019

NIAM SEET WEI

KUALA LUMPUR, Nov 22 (Bernama) -- Petronas Dagangan Bhd (PetDag) recorded a lower net profit of RM239.0 million for the third quarter ended Sept 30, 2019 (Q3 2019) from RM270.27 million in the same period last year.

Revenue slipped to RM7.81 billion versus RM7.82 billion previously -- weighed down by lower average selling prices in both retail and commercial segments.

The board also declared an interim dividend of 16 sen per share -- a total payout of RM158.95 million for the current quarter, payable on Dec 20, 2019.

In a filing with Bursa Malaysia today, PetDag said its retail segment revenue increased by RM90.8 million, contributed by higher sales volume which rose by six per cent following improved station productivity, higher number of stations in operation and the introduction of the new PETRONAS PRIMAX 95 with Pro-Drive. 

"This was offset by a three per cent decrease in average selling prices," it said.

As for the commercial segment, the company said the segment recorded higher revenue of RM123.1 million, contributed by a six per cent increase in sales volume, but this was offset by lower average selling prices.

"The higher volume was mainly attributable to Jet A1 sales following new contracts secured in Q1 2019 and diesel following higher demand from upstream sector," it added.

For the nine-month financial period, the company's net profit stood at RM702.95 million from RM803.17 million in the same period last year, while revenue improved to RM22.50 billion from RM22.18 billion previously.

On prospects, the oil and gas company said the average benchmark Brent crude oil price is expected to remain volatile, adding that the economic condition and consumers' sentiment would have an impact on the group's profitability.

-- BERNAMA