PETRONAS Dagangan (PETDAG) Q1 2025 earnings summary

Executive summary

• Profit before tax rose 25% year-over-year and 13% sequentially, driven by lower expenditure and improved gross profit, especially in the Commercial segment.

• Q1 2025 earnings increased, supported by broad-based growth across business segments and maintained strengths amid global policy uncertainties.

• Revenue declined 3% year-over-year due to a 2% drop in sales volume and 1% lower average selling prices.

• Retail segment saw reduced volume from Mogas and Diesel, while Commercial segment benefited from higher Jet A1 demand.

Financial highlights

• Revenue for Q1 2025 was RM9,093.0 million, down 3% year-over-year but up 1% sequentially.

• Gross profit rose to RM1,066.1 million, a 1% increase sequentially and 0.2% year-over-year.

• Profit before tax surged to RM409.2 million, up 25% year-over-year and 13% sequentially, mainly due to lower OPEX and improved gross profit.

• Net profit was RM301.1 million, up from RM232.9 million year-over-year.

• EBITDA increased to RM498.1 million, up 20% sequentially.

• OPEX decreased by 6% year-over-year and 10% sequentially.

• Basic EPS was 29.5 sen, up from 22.8 sen year-over-year.

• Interim dividend declared at 20 sen per share for Q1 FY2025, up from 18 sen in Q1 FY2024.

Segment performance

• Commercial segment gross profit improved due to favorable market conditions and higher Jet A1 and Diesel demand.

• Retail segment gross profit and revenue declined due to less favorable price trends and reduced Mogas and Diesel demand.

• Convenience segment margin dropped due to lower sales from PETRONAS Shop and F&B, but PBT rose 40% due to lower expenditure.