KUALA LUMPUR, Feb 22 — Petronas Dagangan Bhd’s (PetDag) net profit nearly doubled to RM529.75 million in the financial year ended December 31, 2021 (FY2021), from RM275.96 million in the preceding 12-month period.
The improvement in the Means of Platts Singapore (MOPS) prices trend during the year supported the improvement in the group’s bottom line performance, the petroleum product retailer said.
Revenue also improved by 23 per cent to RM22.51 billion from RM18.71 billion previously as average selling prices surged by 23 per cent in line with increasing MOPS prices trend, PetDag said in a filing with Bursa Malaysia today.
“This was, however, marginally offset with decrease in sales volume by 2 per cent,” it added.
The company said its retail segment’s revenue increased by RM1.43 billion to RM12.61 billion, mainly contributed by an increase in average selling prices by 16 per cent despite lower sales volume of three per cent following the full impact of movement control order (MCO).
Meanwhile, the commercial segment saw its revenue jump by 31 per cent, or RM2.35 billion, to RM9.87 billion, thanks to a 33 per cent increase in average selling prices despite a one per cent drop in sales volume.
For fourth quarter of 2021 (Q4 FY2021), PetDag registered a net profit of RM137.19 million against RM89.21 million a year earlier while revenue stood at RM7.06 billion from RM4.39 billion previously.
In a press statement, managing director and chief executive officer Azrul Osman Rani said the lifting of travel bans and reopening of more economic sectors had accelerated demand for the company’s products and services in the quarter.
“We have also begun solidifying our future-proof strategies which aim to ensure PetDag remains sustainable and relevant in years to come.
“This includes diversifying our portfolios in line with foreseeable future trends in anticipation of consumers’ changing demand, particularly in the areas of sustainable energy and digital innovation,” he said.
Moving forward, Azrul said PetDag remained cautiously optimistic going into 2022 and would leverage positive signs of increased spending by consumers, gradual market growth driven by an expansionary 2022 national budget, an improved crude oil price and the continuous easing and lifting of restrictions being the catalysts for a stronger economic recovery.
The company has declared an interim dividend of 26 sen per share for the quarter under review (Q4 FY2020: 17 sen), representing a total payout of RM258.30 million.
For FY2021, PetDag has declared a total dividend of 70 sen per share (FY2020: 38 sen), which represents a 102 per cent payout ratio. — Bernama