Petronas Dagangan FY2023 Results Finishes Year Strong With PAT Climbing 18% To RM285.9M

PETRONAS Dagangan Berhad’s Q4 FY2023 revenue saw steady growth, with a 6 per cent increase to RM10.1 billion compared to the corresponding quarter, and a 2 percent increase to RM37.5 billion for the full year.

Notably, the pre-tax profit climbed 18 per cent from the same quarter last year to RM285.9 million. The momentum carried over to the full-year performance, with pre-tax profit registering a 17 per cent increase to RM1.3 billion.

In Q4 FY2023, its registered a sales volume of 4.2 billion litres, bringing its yearly total to a historic high of 16.3 billion litres. This achievement was principally driven by the increase in traffic volume that boosted direct demand during key periods like festive seasons and school holidays.

Its financial results for the quarter ended 31 December 2023 (Q4 FY2023), ended the year with a record annual volume and robust financial growth mirroring the surge in sales volume.

PETRONAS Dagangan’s Managing Director and Chief Executive Officer Azrul Osman Rani said, “2023 was a landmark year, one that signalled our capacity for strong, profitable growth at scale and represented a key inflection point for PETRONAS Dagangan.”

“We were able to manage market volatility to deliver an all-time high sales volume which further fuels our commitment to making our customers’ lives simpler and better, while delivering value for all stakeholders.”

PETRONAS Dagangan’s achievements were primarily driven by strong performance in both the Retail and Commercial segments.

The Retail segment enjoyed improved margins due to strong volume demand for Diesel and Mogas.

Moreover, favourable margins in jet fuel and commercial Diesel further contributed to the Company’s performance, bolstered by stable price trends during the quarter, which closely followed the movement of crude oil prices throughout the period.

The quarter under review saw impactful strides in sustainability, notably through its ongoing efforts in biofuel, solar and electric vehicle (EV) infrastructure initiatives, for example the Company’s collection of more than 120,000 kg of used cooking oil (UCO) since its launch in July 2023, PETRONAS Dagangan said in a statement today (Feb 27).  

Additionally, PETRONAS Dagangan has enhanced 26 retail stations with EV chargers and completed the solarisation of 60 sites in collaboration with Gentari.

To elevate customer experience, PETRONAS Dagangan has launched Mesra Rewards loyalty programme with a cardless feature, which saw more than 50 per cent growth in active members.

The Company also continues to champion inclusive mobility through Setel, which was selected by the Ministry of Finance for the eMADANI programme.

Azrul concluded, “As we enter 2024, we will remain focused on further enhancing operational efficiency and expanding our market presence to be well-positioned for continued growth in a dynamic and evolving landscape. Even though the anticipated momentum of Malaysia’s economy and resilient domestic demand make for a promising backdrop to the year, we will remain vigilant in navigating potential global headwinds and rising inflation with a commitment to long-term, sustainable success.”

PDB declared an interim dividend of 27 sen per ordinary share. For the financial year 2023, PDB has declared total dividend of 80 sen per ordinary share.

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