KUALA LUMPUR (May 26): Petronas Dagangan Bhd’s net profit in the first quarter ended March 31 (1QFY22) fell by 38% to RM118.49 million from RM191.11 million a year ago due to higher operating expenditure and lower gross profit from its commercial segment.

Earnings per share dropped to 11.9 sen from 19.2 sen, its Bursa Malaysia filing on Thursday (May 26) showed.

Quarterly revenue increased by 48.15% to RM7.62 billion against RM5.14 billion, following a 20% rise in sales volume and 24% jump in average selling prices.

The group also declared an interim dividend of five sen per share, to be paid on June 24.

On a quarterly basis, the group’s net profit declined by 13.63% from RM137.19 million in the immediate preceding quarter (4QFY21) while revenue surged by 7.95% from RM7.06 billion in 4QFY21.

Meanwhile, PetDag is optimistic of maintaining its growth recovery with the encouraging economic factors, while remaining cautious towards volatility of crude oil prices that could likely impact its financial performance and liquidity.

“We will continue to monitor, take appropriate mitigation actions and to focus on our future-proof strategies while expanding more collaborative efforts towards the sustainability agenda to bring value-added propositions to our customers,” it shared.

The group also shared that the lifting of operating hour restrictions for business premises are expected to have a positive impact on the product demand on fuel and non-fuel sectors.

PetDag also will continue to provide reliable and seamless experience to our customers at the station leveraging on its digital platform and further strengthen the distribution channels of liquified petroleum gas (LPG).

“The income from MESRA is expected to increase in line with improved economic activities and the introduction of Café Mesra, a new eatery corner within the newly designed MESRA store, is expected to grow the Convenience business moving forward.

“In addition, we are also planning to introduce Electric Vehicle DC Fast Chargers in our network catalyst for our involvement in the broader EV ecosystem in pursuing our sustainability agenda,” it shared.

Shares in PetDag closed 18 sen or 0.85% lower at RM21.12, valuing the group at RM20.98 billion.