23-05-2025
- Business
- New Straits Times
Petronas Dagangan's Q1 net profit jumps 29.8pct to RM293.5mil, boosted by lower spending
KUALA LUMPUR: Petronas Dagangan Bhd's (PetDag) net profit rose 29.8 per cent to RM293.5 million in the first quarter ended March 31, 2025 (1Q25) from RM226.04 million a year ago.
This was boosted by lower expenditure and higher other income, the company said.
However, PetDagang's quarterly revenue declined to RM9.09 billion from RM9.39 billion previously, its filing to Bursa Malaysia showed.
Its earnings per share came in higher at 29.50 sen compared to 22.80 sen in 1Q24.
The group announced an interim dividend of 20 sen per share (RM198.69 million), up from 18 sen per share last year, to be paid on June 21.
Meanwhile, PetDagang recorded a pre-tax profit of RM409.2 million for the quarter, higher against 1Q24 and 4Q24 by 25 per cent and 13 per cent respectively.
The higher profitability was mainly driven by lower expenditure across all segments, coupled with marginal improvements on gross profit.
This was further supported by favourable price trends for commercial segment.
Total volume was slightly lower against both 1Q24 and 4Q24.
The group's retail segment recorded lower volume from Mogas and diesel as a result of the shift towards cautious consumer spending during festive period in the quarter under review.
However, commercial segment continued to capitalise on the higher demand for Jet A1, softening the overall reduction on total volume.
PetDagangan said while the ongoing global uncertainties still remain, the group will continue to monitor potential indirect effects, particularly inflationary pressures towards its supply chain.
"Amid this backdrop, the economic environment is expected to be resilient.
"This positions the group to sustain its growth, anchored by steady consumer spending and robust investment activity," it added.
