KUALA LUMPUR: Petronas Dagangan Bhd ’s net profit for the first quarter ended March 31, 2024 (1Q24) declined to RM226.04mil from RM301.84mil a year ago.
However, its revenue expanded to RM9.39bil from RM8.65bil previously, attributed to a 7% sales volume growth and a 2% increase in average selling prices from its retail, commercial and convenience segments.
The company said the better revenue was also driven by the continuous impact of promotional campaigns, growth in the fleet and transportation sectors and the tourism-driven rebound in passenger traffic.
“Nevertheless, profit was impacted by higher product costs and operating expenditures,” it said in a filing with Bursa Malaysia.
Retail segment revenue increased by RM636.9mil, or 14%, mainly contributed by a higher sales volume of 13% while the commercial segment recorded a better revenue of RM104.8mil, or 3%, mainly due to improved average selling prices of 6%, offsetting a lower sales volume of 3%.
For the convenience segment, its revenue increased by RM5.9mil, or 9%, contributed by higher demand for Kedai Mesra and Cafe Mesra during the quarter.
On its outlook, PETRONAS Dagangan expects the retail and commercial business segments will continue to grow on the back of strong domestic economic activities and the recovery of the aviation industry while the convenience segment continues its focus on expanding its Cafe Mesra and Kedai Mesra offerings.
“The group remains steadfast to maintain its performance throughout the year, enhancing its core business operations and fostering further growth, while cautiously monitoring the potential impact that may arise from the domestic regulatory changes as well as global challenges,” it added.
The company has declared an interim dividend of 18 sen per ordinary share for the first quarter, payable on June 19.
In a separate statement, PETRONAS Dagangan said it had appointed Azureen Azita Abdullah as its new chief operating officer, with effect from June 1.
Azureen, 47, is currently the general manager (downstream digital and innovation) in Petroliam Nasional Bhd. — Bernama