The national retailer and marketer of downstream petroleum products (PetDag) recorded stronger profit for the quarter ended 30 June 2022 (Q2 FY2022) compared with Q2 FY2021.
For the quarter under review, PetDag registered a Profit Before Tax (PBT) of RM315.5 million compared with RM89.9 million in Q2 FY2021, due to improved economic environment. This could be attributed to higher sales volume and higher average selling prices resulted in an increase in revenue by 83% to RM9.5 billion, in comparison with the corresponding quarter last year.
For the cumulative six-month period ended 30 June 2022 (H1 FY2022), revenue increased by 66 per cent to RM17.1 billion compared with the corresponding period last year.
This improved performance is mainly contributed by domestic and international travel, which picked up following Malaysia’s transition to COVID-19’s endemic phase and the impact of festive seasons.
Its retail segment’s continued growth in gross profit was on the back of increased sales volume from the corresponding period last year.
PetDag’s commercial segment recorded higher sales volume as demand spiked following the ease of travel restrictions and upsurge in international flights resulting from the re-opening of international borders.
“We are seeing a healthy growth in sales volume and consequently profit from most segments, attributed to market improvements. PDB is on track to maintain its growth recovery on the back of positive economic developments, but we will remain cautious of the ongoing volatility of crude oil prices,” Managing Director / Chief Executive Officer Azrul Osman Rani said.
PetDag continues to expand its revenue streams in a sustainable manner as well as in the sustainability sector. This includes accelerating the adoption of clean energy in the green mobility space by growing the number of fast-charging facilities at PETRONAS stations through collaborations with established electric vehicle (EV) industry partners.
In support of PetDag’s sustainability agenda, and the government’s target of becoming a carbon-neutral nation by 2050, with the full-tax exemptions on EV starting 2022, Setel introduced a new feature which enables EV drivers to locate charging stations, activate chargers, make payments via Setel Wallet and earn Mesra points – all from the comfort of their vehicles.
“We will continue to enhance our offerings in providing cleaner energy solutions and focus on our future-proof strategies while expanding more collaborative efforts in supporting the sustainability agenda to bring value-added propositions to our customers,” Azrul concluded.
PetDag declares an interim dividend of 11 sen per ordinary share for Q2 FY2022.
