KUALA LUMPUR: Petronas Dagangan Bhd's net profit rose marginally to RM276.39 million for the second quarter ended June 30, 2024 (2Q 2024) compared to RM275.71 million last year, contributed by a higher gross profit for all segments that offset an increase in operating expenditures.

Revenue rose by 10 per cent year-on-year (y-o-y) to RM9.84 billion from RM8.91 billion previously, driven by improved sales volume and average selling prices of 5.0 per cent.

"The retail segment revenue increased by RM623.3 million, or 14 per cent, mainly contributed by higher sales volume of 12 per cent in line with the increase in demand. The commercial segment recorded an increase in revenue of RM288.0 million, or 7.0 per cent, and the convenience segment posted an increase of RM14.1 million, or 24 per cent," it said in a filing with Bursa Malaysia.  

The fuel retailer declared an interim dividend of 20 sen per share for the second quarter, amounting to RM198.69 million, to be paid on Sept 18, 2024. 

For the six months ended June 30, 2024, Petronas Dagangan's net profit slipped to RM502.43 million from RM577.55 million, but its revenue increased by 10 per cent to RM19.23 billion compared to the same period last year of RM17.56 billion. This growth was driven by higher average selling prices, in line with Brent crude oil price which closed at US$84.97 per barrel in the second quarter, an 8.8 per cent increase from 2Q 2023. 

On its prospects, Petronas Dagangan said it expects to sustain its performance in both the retail and commercial segments, supported by a domestic economy projected to expand by 4 to 5 per cent. 

"The retail business is strengthening its focus to acquire new customers and to explore new opportunities with strategic partners.  The commercial segment is set to capitalise on the aviation sector's recovery and other high value margin sectors with its competitive price edge," it said. 

Additionally, the convenience segment is on track to continue growing the non-fuel business of the group, it added.

- BERNAMA 

TAGS: Petronas Dagangan