KUALA LUMPUR, Aug 21 – Petronas Dagangan Bhd’s (PDB) shares rose in early trade following the announcement of its net profit rising marginally to RM276.39 million for the second quarter ended June 30, 2024 (2Q 2024) compared to RM275.71 million last year.
At 9.55 am, the retailer and marketer of downstream petroleum products company shares were up by 68 sen to RM19.30 per share, with 114,800 shares traded.
In its Bursa Malaysia filing yesterday, the company said that its revenue increased by 10 per cent year-on-year to RM9.84 billion from RM8.91 billion previously, driven by improved sales volume and average selling prices of 5.0 per cent.
As for its prospects, PDB said it expects to sustain its performance in both the retail and commercial segments, supported by a domestic economy projected to expand by 4.0 per cent to 5.0 per cent.
“The retail business is strengthening its focus to acquire new customers and to explore new opportunities with strategic partners, while the commercial segment is set to capitalise on the aviation sector’s recovery and other high-value margin sectors with its competitive price edge.
“Additionally, the convenience segment is on track to continue growing the non-fuel business of the group,” it added.
The fuel retailer also declared an interim dividend of 20 sen per share for the second quarter, amounting to RM198.69 million, to be paid on Sept 18, 2024.
