PDB RECORDS HIGHER SALES VOLUME IN Q1, PBT UP BY 32%

28 May 2019
Kuala Lumpur, 28 May 2019 – For the quarter ended 31 March 2019, PETRONAS Dagangan Berhad (PDB) registered an increase of 32% in Profit Before Tax (PBT) to RM383.0 million against the corresponding quarter last year. 

The increase is attributable to sales volume growth of 3.0% as well as higher gross profit following the increase in Mean of Platts Singapore (MOPS) prices trend.

PDB's Managing Director and Chief Executive Officer, Dato' Sri Syed Zainal Abidin said, "It's a good start to the year with our investments made to grow volume now showing positive returns especially in the Retail and Commercial businesses."

For the quarter ended 31 March 2019, Retail business’ gross profit increased by 32.8% while sales volume grew by 7.7% comparing against corresponding quarter last year. The growth is attributable to improved stations' productivity and increased number of operational stations in the quarter. Mogas volume alone increased by 6.0% following the launch of its new PETRONAS Primax 95 with Pro-Drive, which has attracted many positive testimonials from motorists with regards to the fuel’s smoothness, responsiveness and efficiency.

For the same period, Commercial business registered a 24.8% increase in gross profit and 0.8% in sales volume across Jet A1, Diesel and Bitumen segment. Jet A1’s volume grew on the back of increased demand from existing airlines as well as contracts secured with new airlines. Higher demand from upstream and bunker sectors also boosted diesel’s volume during the quarter.

LPG business' gross profit and sales volume decreased by 9.5% and 2.1% respectively due to market de-growth and higher product costs.

Similarly, Lubricant business also experienced a decrease in its gross profit and sales volume by 6.0% and 22.2% respectively as market becomes more competitive.

"We continue to be cautious of the volatility of oil prices and will ensure we remain efficient in managing our inventories. At the same time, we will focus on strengthening our network and dealer management, leveraging our recently launched superior product, ramping up our digitalisation and marketing efforts as well as enhancing our services to consistently deliver a seamless and frictionless experience for our customers," Dato Sri Syed Zainal concluded.

PDB has declared an interim dividend of 15 sen per ordinary share for the quarter ended 31 March 2019.
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