KUALA LUMPUR: Petronas Dagangan Bhd (PetDag) almost doubled its net profit in the third quarter ended Sept 30, 2024 (3Q24) to RM335.13 million against RM184.72 million in the same period of 2023, thanks to strong margins negated by elevated operating expenditure in line with increased activities.

In a filing with Bursa Malaysia today, PetDag stated that the margins were supported by a favourable price trend for commercial and a decrease in overall costs due to a lower purchase premium. 

"The group also registered higher volume mainly from retail Mogas and aviation sector, resulted from rising demand and passenger movements both domestically and internationally, which has positively impacted the group's profitability," it said.

The retailer and marketer of downstream petroleum products added that revenue, however, decreased to RM9.73 billion in 3Q compared with RM9.92 billion previously, on the back of higher revenue by its retail segment by RM1.61 billion. 

Revenue for the commercial segment declined by RM152.3 million, while the convenience segment rose 18 per cent to RM220.5 million, driven by higher demand resulting from Kedai Mesra promotions, Cafe Mesra and PETRONAS Shop merchandise during the period, it said.

On prospects, PetDag said the resilient domestic economy continues to provide the group with a conducive and supportive operating environment.

"The group will remain focused on operational streamlining and efficiency as well as growing its core and non-fuel segments, including leveraging Setel and expanding Mesra's product offerings, to deliver seamless customer experience," it added.

PetDag has declared a 24 sen interim dividend payable on Dec 24, 2024.