Petronas Dagangan Bhd (PetDag) recorded a 14.5% increase in net profit for the second-quarter (2Q) ended June 30 this year, driven by higher contribution from its retail and commercial segments.
In an exchange filing yesterday, the downstream retailing arm of Petroliam Nasional Bhd noted a 22.6% rise in revenue for the quarter to RM6.5 billion from RM5.3 billion in the corresponding quarter last year, due to a 28% increase in average selling prices.
For the first-half of 2017, turnover stood at RM13.2 billion against RM10.2 billion a year ago, while net profit jumped 15% to RM499.2 million from RM434.4 million due to the same reasons.
The company expects the business environment outlook for the year to remain challenging and will continue to focus on inventory management, supply and distribution efficiency, as well as operating expenditure optimisation to ensure the company remains resilient.
The company announced an interim dividend of 14 sen per ordinary share, amounting to RM139 million for the current quarter payable on Sept 19, 2017. — TMR