KUALA LUMPUR: PETRONAS Dagangan Bhd’s net profit for the first quarter ended March 31, 2024 (Q1 2024) declined to RM226.04 million from RM301.84 million a year ago.
However, its revenue expanded to RM9.39 billion from RM8.65 billion previously, attributed to a 7.0 per cent sales volume growth and a 2.0 per cent 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 stock exchange filing.
Retail segment revenue increased by RM636.9 million, or 14 per cent, mainly contributed by a higher sales volume of 13 per cent while the commercial segment recorded a better revenue of RM104.8 million, or 3 per cent, mainly due to higher average selling prices of 6.0 per cent, offsetting a lower sales volume of 3 per cent.
For the convenience segment, its revenue increased by RM5.9 million, or 9.0 per cent, contributed by higher demand for Kedai Mesra and Café Mesra during the quarter.
On its outlook, PETRONAS Dagangan expects that 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 Café 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. – BERNAMA
