PETRONAS Dagangan projects growth in retail and commercial segments
KUALA LUMPUR: Petronas Dagangan Bhd said it expects continued growth in its retail and commercial business segments amid an increase in domestic economic activities and a recovery in the aviation industry.

Meanwhile, the downstream petroleum products retailer said the convenience segment continues to focus on expansion on Cafe Mesra and Kedai Mesra offerings, as well as campaigns during the festive season in 2Q24.

In the first quarter ended March 31, 2024, PETRONAS Dagangan recorded a net profit of RM226.04mil, which was lower than RM301.84mil in the year-ago quarter, representing an earnings per share of 22.8 sen compared to 30.4 sen.

It said the weaker profit was owing to higher product costs and operating expenditures, offset by an increase in gross profit for the retail segment.

The group reported revenue of RM9.39bil, up from RM8.65bil in the comparative quarter, on 7% sales volume growth and a 2% increase in average selling prices.

The board of directors declared an interim dividend of 18 sen per share to be paid on June 19, 2024, with an entitlement date of June 7, 2024.

According to PETRONAS Dagangan, its revenue across all three business segments recorded increases in revenue but a drop in profitability.

The retail segment saw a 6% decrease in pre-tax profit to RM214.8mil due to volume-related operating expenditures, offset by higher gross margin from favourable MOPS prices trend and increase in volume sold.

The commercial segment's pre-tax profit contracted 25% y-o-y to RM118.9mil due to lower gross profit attributed to higher product costs and higher operating expenditure in line with an increase in business activity.

Lastly, the pre-tax profit for the convenience segment plunged 62% to RM7.1mil y-o-y due to higher operating expenditures, offset with higher gross profit mainly from chargeable sales from Kedai Mesra and Café Mesra.
Corporate News,Petronas Dagangan,convenience,retail,commercial,petrol
KUALA LUMPUR: PETRONAS Dagangan Bhd said it expects continued growth in its retail and commercial business segments amid an increase in domestic economic activities and a recovery in the aviation industry.