Petronas Dagangan Declares Record RM1.07 Dividend for FY2024 as 4Q Net Profit Jumps 38%
Petronas Dagangan Bhd (KL:PETDAG) has declared a special dividend as its net profit soared in the fourth quarter ended Dec 31, 2024 (4QFY2024), driven by disciplined cost management and higher margins for its retail and convenience segments.
The group, in which Petroliam Nasional Bhd (Petronas) holds a 63.94% stake, announced a special dividend of 20 sen per share, in addition to an interim dividend of 25 sen per share, to be paid to shareholders on March 21.
This compares to the 27 sen per share interim dividend declared in 4QFY2023.
With this, the group’s total dividend payout for FY2024 amounts to RM1.07 per share — its highest on record — surpassing the 80 sen per share paid in FY2023.
For 4QFY2024, PetDag’s net profit climbed 37.8% to RM249.06 million, from RM180.81 million in the same quarter last year.
However, revenue declined 10.74% to RM8.99 billion from RM10.08 billion, mainly due to lower average selling prices and reduced commercial sales volume.
On a quarter-on-quarter basis, net profit increased 27% from RM196.01 million in 3QFY2024, while revenue fell 8% from RM9.73 billion, reflecting lower fuel demand and softer crude oil prices.
For the full FY2024, PetDag recorded a 15.22% increase in net profit to RM1.09 billion from RM943.08 million in FY2023. Revenue inched up 1.07% to RM37.95 billion from RM37.55 billion.
Looking ahead, PetDag remains cautious as global trade headwinds and declining oil prices — expected to average US$74 per barrel in 2025, down from US$80 per barrel in 2024 due to geopolitical uncertainties and Opec+ production adjustments — may impact domestic growth and inflation.
Despite these challenges, PetDag plans to strengthen its core and convenience segments through strategic initiatives, emerging opportunities, and alignment with government policies.“The group will also remain vigilant and focused on operational efficiency to enhance its market competitiveness."
At Thursday’s noon break, shares of PetDag settled 48 sen or 2.41% lower at RM19.42, giving it a market capitalisation of RM19.77 billion.
$PETDAG / 5681 (PETRONAS DAGANGAN BHD)
Source: The Edge Malaysia