PetDag Reports 24% Drop In Profits For Q1, Declares 18 sen Dividend

PETRONAS Dagangan Berhad today announced its financial results for the first quarter of 2024, achieving a revenue increase of RM747.6 million compared to the corresponding quarter, revenue for the quarter stood at RM9.3 billion compared to RM8.6billion in Q1FY23. Profit attributable to shareholders however was lower at RM226 million as compared to RMM301 million recorded in the year before.

The group said the reeveue growth was driven by a combination of factors, including a notable rise in sales volume across all business segments, the successful execution of targeted promotional campaigns and a strategic focus on high-growth areas like the commercial fleet and transportation sectors. Additionally, a resurgence in passenger traffic, particularly bolstered by the recovering tourism sector, further contributed to this positive revenue trend. PETRONAS Dagangan registered a pre- tax profit of RM326.8 million for the quarter, primarily driven by strong volume and healthy margin.
 
Looking ahead, PetDag said it will continue to drive value creation within its core business areas and foster growth in its Retail and Commercial segments. The Company also anticipates growth in its Convenience segment during the festive season, driven by increased activity at Café Mesra and Kedai Mesra.

“As we look to the future, we remain cognisant of the broader economic shifts and the ongoing challenges within our industry. Yet, we are more committed than ever to making our customers’ lives simpler and better, by enhancing their experiences through every interaction with our products and services,” CEO PetDag.

PetDag declared an interim dividend of 18 sen per ordinary share for the quarter ended 31 March 2024.

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