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    PETDAG   MYL5681OO001

PETRONAS DAGANGAN

(PETDAG)
  Report
End-of-day quote BURSA MALAYSIA  -  2022-11-24
22.08 MYR   -1.16%
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Petronas Dagangan : Records Stronger Q2 Profit

08/24/2022 EST

Kuala Lumpur, 24 August 2022 - PETRONAS Dagangan Berhad (PDB) recorded stronger profit for the quarter ended 30 June 2022 (Q2 FY2022) compared with the corresponding quarter last year.

For the quarter under review, PDB registered a Profit Before Tax (PBT) of RM315.5 million compared with RM89.9 million in Q2 FY2021, due to improved economic environment. Higher sales volume and higher average selling prices resulted in an increase in revenue by 83 per cent to RM9.5 billion, in comparison with the corresponding quarter last year. For the cumulative six-month period ended 30 June 2022, revenue increased by 66 per cent to RM17.1 billion compared with the corresponding period last year.

This improved performance is mainly contributed by domestic and international travel, which picked up following Malaysia's transition to COVID-19's endemic phase and the impact of festive seasons.

PDB's Retail segment's continued growth in gross profit was on the back of increased sales volume from the corresponding period last year. Similarly, the Commercial segment recorded higher sales volume as demand spiked following the ease of travel restrictions and upsurge in international flights resulting from the re-opening of international borders.

PDB Managing Director / Chief Executive Officer Azrul Osman Rani said, "We are seeing a healthy growth in sales volume and consequently profit from most segments, attributed to market improvements. PDB is on track to maintain its growth recovery on the back of positive economic developments, but we will remain cautious of the ongoing volatility of crude oil prices."

PDB will continue to expand its revenue streams in a sustainable manner as well as in the sustainability sector. This includes accelerating the adoption of clean energy in the green mobility space by growing the number of fast-charging facilities at PETRONAS stations through collaborations with established electric vehicle (EV) industry partners. This is in support of PDB's sustainability agenda, and the government's target of becoming a carbon-neutral nation by 2050, with the full-tax exemptions on EV starting 2022. To enhance seamless end-to-end charging experience for its EV customers, Setel introduced a new feature which enables EV drivers to locate charging stations, activate chargers, make payments via Setel Wallet and earn Mesra points - all from the comfort of their vehicles.

"We will continue to enhance our offerings in providing cleaner energy solutions and focus on our future-proof strategies while expanding more collaborative efforts in supporting the sustainability agenda to bring value-added propositions to our customers," Azrul concluded.

For Q2 FY2022, PDB has declared an interim dividend of 11 sen per ordinary share.

Disclaimer

Petronas Dagangan Bhd published this content on 24 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2022 06:43:08 UTC.


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Financials
Sales 2022 28 544 M 6 369 M 6 369 M
Net income 2022 598 M 134 M 134 M
Net cash 2022 2 177 M 486 M 486 M
P/E ratio 2022 36,7x
Yield 2022 2,64%
Capitalization 21 935 M 4 894 M 4 894 M
EV / Sales 2022 0,69x
EV / Sales 2023 0,71x
Nbr of Employees 1 416
Free-Float 13,3%
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Technical analysis trends PETRONAS DAGANGAN
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 10
Last Close Price 22,08 MYR
Average target price 20,77 MYR
Spread / Average Target -5,92%
EPS Revisions
Managers and Directors
Azrul bin Osman Rani Chief Executive Officer, Director & MD
Farzlina Ahmad Murad Chief Financial Officer
Anuar bin Ahmad Non-Independent Non-Executive Chairman
Mohamad Imran M. Ashraf Head-Technical Services Division
Koh Tat Chong Chief Technology Officer
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