PETRONAS Dagangan Berhad (PetDag) Profit Before Tax (PBT) for its 3rd quarter ended 2020 slipped to RM288.3 million as compared to RM317.7 million posted in the same quarter last year.
Revenue for this quarter stood at RM4.83 billion down from RM7.8 billion in the same period.
It is an improved performance for PetDag since March 2020, with sales volume recording a 34% increase as compared to the preceding quarter, mainly contributed by higher volume in Mogas and Diesel, as nationwide activities gradually picked up from pandemic-related restrictions.
Commenting on the company’s performance, Managing Director and Chief Executive Officer, Azrul Osman Rani said, though the company’s Q3 performance has improved, they expected some impact on their volume in the next quarter as the Conditional Movement Control Order (CMCO) has been implemented in most states.
“As this pandemic continues to be an ongoing challenge, we have accelerated the diversification of our product portfolio to future-proof our business. Our fundamentals remain strong and we will continue to expand our offerings to cater to the demand in this new norm,” Azrul said.
In Q3 FY2020, PetDag became the first Liquified Natural Gas (LNG) solution provider using road trucks for off grid customers in Peninsular Malaysia, following the completion of the Virtual Pipeline System (VPS) solution by PETRONAS Energy & Gas Trading via the Regasification Terminal (RGT) in Pengerang, Johor.
Through the VPS solution, PDB now has the capability to deliver LNG using trucks fitted with cryogenic tanks, providing access to cleaner energy to industries that are not connected to the natural gas infrastructure within Peninsular Malaysia.
PDB is also now marketing LNG as a cleaner fuel option to the marine industry, following the completion of its maiden ship-to-ship LNG bunkering transfer operation from MV Avenir Advantage, PETRONAS’s first LNG Bunkering Vessel (LBV), to SIEM Aristotle at Pasir Gudang, Johor, that was achieved via a collaboration with Titan LNG.
Particularly, we want to do our part to assist local businesses who have been hit hard and hence, both Makan@Mesra and LoveLocal Campaign are platforms that can promote the purchase of quality local products at our stores. I would like to thank our customers who have given support to PETRONAS, as by doing so, they are indirectly helping our local suppliers and strengthening the domestic economy,” he added.
The CEO also commented that as they keep their business’ progress on track, they remain vigilant of the uncertainties in the market.
“We will continue to prioritise prudent cash management and ensure our ecosystem remains robust to remain resilient through this challenging time.”
PDB has declared an interim dividend of 11 sen per ordinary share for the quarter ended 30 September 2020.