Kuala Lumpur, 18 May 2018 – PETRONAS Dagangan Berhad (PDB) closed the quarter ended 31 March 2018 with commendable results, boosting sales volume growth by 3% despite a challenging market environment. Group Profit Before Tax for the quarter under review was RM291.2 million, a slight decrease of 9% or RM29.9 million compared to the corresponding quarter last year, due to lower margin and higher OPEX.

In tandem with the increase in average selling prices and sales volume, the Company’s revenue rose to RM7,070.1 million, an increase of 4% compared to RM6,777.0 in the corresponding quarter last year.

PDB’s Managing Director and Chief Executive Officer Dato’ Mohd Ibrahimnuddin Mohd Yunus said, “It’s a positive start to the year for PDB as we managed to increase our overall sales volume despite intense competition in the market. The higher volume is mainly contributed by our Commercial and LPG business segments, which both are still maintaining their market leadership positions in the industry.”

Retail business recorded a 2.2% increase in gross profit although overall volume reduced by 2.6% due to market de-growth and the closure of several stations for upgrading works.

Commercial business boosted its sales volume by 7.7%. The higher volume was mainly contributed by Fuel Oil, Diesel, Sulphur and Petcoke products.

LPG business continued its growth momentum, registering a 5.7% increase in sales volume during the quarter under review. The consistent volume growth is attributable to the company’s competitive pricing as well as successfully capturing higher customer demand.

Lubricant business’ volume reduced by 7.2% in line with lower market demand, which resulted in a 1.4% decrease in gross profit.

Following the announcement of its results, PDB declared a dividend of 13 sen per ordinary share for the first quarter ended 31 March 2018.

Dato’ Mohd Ibrahimnuddin further said, “Moving ahead, we are optimistic to deliver better results as domestic market is expected to improve coupled with stronger consumer sentiment. Our focus is to attain Retail market leadership and we will ramp up our efforts accordingly to meet this by emphasising on providing our customers a unique experience and innovative solutions. We will pursue volume growth across all our business segments and continue on our digital and technology transformation journey.”

“It’s an exciting yet challenging time for PDB, and there are a lot of untapped potential to create value. I’m proud to have contributed to the company’s growth, and I thank all our stakeholders for the support and trust that they have extended to PDB during my tenure as MD/CEO. I am confident that they will continue to give their full support to my successor, Dato’ Sri Syed Zainal Abidin when he assumes his role in June,” he added.

Earlier, PDB announced the appointment of Dato’ Sri Syed Zainal Abidin as its new MD/CEO effective 1 June 2018, replacing Dato’ Mohd Ibrahimnuddin.

“With his vast experience and business acumen, I am confident he will lead PDB to greater heights,” Dato’ Ibrahimnuddin concluded.