PetDag Q2 profit rises to RM314.42m

KUALA LUMPUR: Petronas Dagangan Bhd’s (PetDag) net profit increased 27.8 per cent to RM314.42 million in the second quarter ended June 30, from RM246.04 million a year ago.

Revenue increased 9.9 per cent to RM7.28 billion from RM6.62 billion previously.

PetDag said in a filing with Bursa Malaysia the improved performance was due to increased revenue contribution from its retail and commercial segments.

Retail segment revenue increased RM128 million, mainly due to five per cent higher average selling price, while commercial segment revenue was driven by an 18 per cent increase in average selling price.

For the six months, PetDag’s net profit increased 6.8 per cent to RM532.89 million from RM499.19 million previously, while revenue rose 7.1 per cent to RM14.35 billion from RM13.39 billion.

PetDag said the results were primarily influenced by petroleum product prices, which had strong correlation to crude oil prices and economic growth.

“The group will continue to focus on inventory management, supply and distribution efficiency as well as operating expenditure optimisation to sustain the group’s profitability,” it said.