KUALA LUMPUR, Aug 28 — Petronas Dagangan Bhd’s net profit rose to RM275.71 million in the second quarter ended June 30, 2023, from RM237.68 million in the same quarter last year on the back of higher gross profit from the commercial segment.
“This was partially offset by higher operating expenditure mainly attributable to repair and maintenance and a one-off gain from the disposal of liquefied petroleum gas (LPG) business in Sarawak in the corresponding quarter last year,” the oil and gas company said in a filing with Bursa Malaysia today.
Its revenue, however, decreased to RM8.91 billion during the quarter from RM9.5 billion previously, due to lower average selling prices by 14 per cent year-on-year (y-o-y), despite higher sales volume by 9.0 per cent y-o-y, it said.
For the six-month period, the company registered a higher net profit of RM577.55 million compared to RM356.17 million in 2022, while revenue improved to RM17.56 billion from RM17.12 billion previously.
In a separate statement, managing director and chief executive officer Azrul Osman Rani said Petronas Dagangan’s focus will remain on optimising supply and demand dynamics, while ensuring efficient cost management.
He said the company is actively driving the adoption of sustainable aviation fuel (SAF) as a commercially viable option for the aviation industry, further demonstrating its commitment to support the industry’s decarbonisation efforts.
During the Langkawi International Maritime and Aerospace (Lima 2023) exhibition, the company formed strategic partnerships with prominent aircraft manufacturers and helicopter service providers to intensify research and development efforts for SAF in Malaysia, he said.
Petronas Dagangan has declared an interim dividend of 18 sen per ordinary share for the quarter ended June 30, 2023, payable on Sept 26.
— Bernama
