KUALA LUMPUR (Feb 22): Petronas Dagangan Bhd (PetDag), which posted higher quarterly net profit in for the fourth quarter ended Dec 31, 2022 (4QFY2022), saw its receivables shrink substantially to RM4.02 billion from RM13.88 billion in 3QFY2022.
In a filing with Bursa Malaysia, PetDag noted that its liquidity position had improved following “full receipts of subsidy receivable in the quarter”.
Against this backdrop, the petrol station operator declared a dividend per share of 40 sen, consisting of a special dividend of 14 sen per share (RM139.08 million) and an interim dividend of 26 sen per share (amounting to RM258.29 million).
This brings the total dividend declared to 76 sen per share for the full financial year ended Dec 31, 2022 (FY2022).
The group’s cash balance amounted to RM2.88 billion as at end-2022, compared with RM1.7 billion on Sept 30, 2022.
PetDag’s net profit grew 5.3% to RM144.46 million in 4QFY2022, from RM137.19 million a year earlier, with all business segments reporting higher earnings on increased demand.
The higher net profit was also contributed by a one-off gain of RM87.9 million from the divestment of its liquefied petroleum gas business in Sarawak, partially offset by higher operating expenditure mainly attributable to dealers’ commission and purchased and professional services, Petdag said in the filing.
The group said its overall performance for the quarter remained strong, supported by improved volume as well as favourable average Brent crude oil price at US$91.10 per barrel against US$79.73 in 4QFY2021.
The 26% increase in average selling prices, along with a 28% rise in sales volume, helped Petdag’s quarterly revenue rise 33.6% to RM9.5 billion from RM7.11 billion in 4QFY2021.
For FY2022, the group’s net profit jumped nearly 47% to RM776.6 million from RM529.75 million in FY2021, and revenue soared 62% to RM36.7 billion from RM22.7 billion.
In the non-fuel segment, an additional 25 new Café Mesra outlets were opened during the quarter, bringing the total number of Café Mesra to 41 stores.
PetDag also grew its convenience offering via Setel to include road tax renewal and payment to merchants and stores at the North-South Expressway rest and service areas.
PetDag's share price closed unchanged at RM22.10 on Wednesday (Feb 22), valuing the group at RM21.98 billion.
Source: TheEdge - 23 Feb 2023
