KUALA LUMPUR: Petronas Dagangan Berhad posted a lower net profit of RM226.04 million in the first quarter ended Mar 31, 2024 from RM301.84 million in the same quarter the previous year.
It saw a revenue surge of RM747.6 million in the first quarter of 2024, compared to the corresponding period last year, driven by a variety of factors.
These factors included a notable increase in sales volume across all business divisions, successful implementation of targeted promotional efforts, and a strategic focus on growing sectors like commercial fleet and transportation.
Furthermore, a rebound in passenger traffic, especially boosted by the recovering tourism industry, provided additional momentum to this positive revenue trend, it said in a statement.
It has declared an interim dividend of 18 sen per ordinary share for the quarter ended March 2024.
Petronas Dagangan managing director and chief executive officer Azrul Osman Rani said, "With the convergence of increased tourism and strategic events like the Petronas Malaysia Open, we were intensely focused on ensuring effective commercial execution and maintaining operational excellence across all touchpoints of our core and convenience businesses. This quarter, we continued to leverage our extensive ecosystem to drive our promotional strategies and sustain our growth trajectory."
As part of its commitment to a holistic approach, Petronas Dagangan also continued its efforts in sustainability in the quarter under review by expanding its low-carbon mobility solutions and promoting responsible environmental practices.
A key highlight of the quarter was the expansion of the used cooking oil (UCO) collection programme during Ramadan, which underscores Petronas Dagangan's commitment to innovative environmental initiatives.
Looking ahead, Azrul said that the oil market is expected to remain dynamic, with potential fluctuations influenced by geopolitical tensions and global economic trends.
Petronas Dagangan will continue to drive value creation within its core business areas and foster growth in its retail and commercial segments, he said.
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.
"Our forward-looking strategies are designed to harness the potential of our core sectors while continuously adapting to the changing needs of our customers. This approach ensures we stay at the forefront of the industry, offering solutions that are not only practical but also more sustainable," he said.
