Kuala Lumpur, 25 May 2021 - For the quarter that ended 31 March 2021 (Q1FY2021), PETRONAS Dagangan Berhad (PDB) recorded a stronger profit against both corresponding and preceding quarter last year, as a result of higher gross profit attributed to improved Means of Platts Singapore (MOPS) prices.
For Q1FY2021, PDB has registered a Profit Before Tax (PBT) of RM285.5 million as compared to a Loss Before Tax of RM18.4 million in Q1FY2020 and a PBT of RM115.4 in Q4FY2020.
Revenue for the quarter was RM5.103 billion, 22 per cent lower than the corresponding quarter due to lower volume impacted by the prolonged pandemic crisis coupled with the re-implementation of Movement Control Order (MCO).
Against Q4FY2020, however, the Company's Q1FY2021 revenue represents a 16 per cent increase.
Commenting on the Company's performance, PDB Managing Director and Chief Executive Officer Azrul Osman Rani said, 'The ongoing pandemic continues to pose challenges to our operations. Nevertheless, we see improvement quarter-on-quarter but we are cautious of the outlook, especially with MCO now being re-implemented nationwide.'
'PDB has embarked on our future-proof strategy to remain profitable. Our growth strategies revolve around us digitalising our operations and diversifying our product portfolios to meet customers' changing needs, whilst leveraging our superior fuel products and non-fuel offerings. These future-proof efforts have supported PDB's performance thus far, and we will continue to be innovative in diversifying our revenue streams,' he added.
The Retail business is accelerating its non-fuel segment via the expansion of Makan@Mesra outlets in Kedai Mesra. It will continue to invest in upgrading its petrol stations and enhancing its products and services to drive more footfall into the stations. In line with this, it has also recently revamped its Mesra loyalty programme to offer a more attractive point-tiering system and integrated it with the Setel app for a more seamless experience. A nationwide contest offering highly attractive main prizes including a condominium unit (sponsored by UEM Sunrise Berhad) and a Mercedes car, has also been rolled out to encourage more motorists to experience the power of its best fuel, the PETRONAS Primax 97 with Pro-Race.
Since the launch of the new fuel in December, the business has seen about 6% growth in its RON97 mogas segment in Q1FY2021 as compared to the corresponding quarter last year. This is despite lower demand for Mogas during the quarter due to travel restrictions as compared to the year before. This is a testament to the quality of PETRONAS Primax 97 with Pro-Race in line with customers' positive feedback.
The Commercial and LPG businesses have put in place effective growth strategies, whilst continuing to enhance customer experience. The Lubricant business is focused on delivering value and a differentiated customer experience in the current challenging market including leveraging its network of PETRONAS AutoExpert workshops amongst others.
'While the Dated Brent's upward trend in the first quarter of 2021 coupled with the roll-out of vaccination programmes offer a positive outlook for business recovery, we will remain cautious with our spending. We will invest strategically and prioritise key growth areas that are aligned with our future-proofing strategy,' Azrul concluded.
PDB has declared an interim dividend of 14 sen per ordinary share for the quarter ended 31 March 2021.
Petronas Dagangan Bhd published this content on 01 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 June 2021 03:39:03 UTC.