Petronas Dagangan Berhad’s (Petronas Dagangan) profit after tax (PAT) for the third quarter ended Sept 30, 2023 (Q3 2023) dropped 33% to RM184.7 million when it recorded RM275.9 million in the same quarter last year.
Revenue for the period was lower at RM9.9 billion from RM10.13 billion previously.
The group’s revenue for the quarter increased by RM223.9 million on the back of higher sales volume by 9%, offset by decline in average selling prices by 7%.
In the first nine months, Petronas Dagangan posted a net profit of RM762.3mil, up 20.6% from RM632.1mil while revenue expanded to RM27.5bil from RM27.2bil previously.
The board has declared an interim dividend of 20 sen per ordinary share amounting to RM198.69mil for the third quarter ended Sept 30, payable on Dec 22.
Meanwhile, its profit before tax (PBT) of about 1.04 billion, grew by 17% or RM152.4 million contributed by higher gross profit following higher margin from all segments.
“This was negated by increase in operating expenditure coupled with lower other income following recognition of gain on disposal of Liquified Petroleum Gas (LPG) business in Sarawak in the corresponding period last year.
Retail segment revenue increased by 7% mainly contributed by higher sales volume in tandem with higher demand.
For the segment, PBT recorded for the period was RM620.2 million, a decrease by 3% against the corresponding period last year, attributed to increase in operating expenditure and lower other income following one-off gain from disposal of LPG business in Sarawak in the same period last year, offset by higher gross profit from Mogas and Diesel.
Its commercial segment recorded a decrease in revenue of down by 5% is mainly attributed to lower average selling price (ASP) by 15% despite higher sales volume of 12%.
The segment’s PBT of RM375.2 million, up by 70% against the corresponding period last year, mainly contributed by higher gross profit from Jet A1 following a less volatile prices’ trend.
For the quarter under review, the convenience segment’s revenue recorded for the period was RM187.1 million, rose by 13% contributed by higher demand for Mesra stores and Café Mesra during the period, with 90% rise in PBT to RM43.1 million.
