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Petronas Dagangan leads Bursa gainers after earnings growth, up 5.5% | Scoop
Petronas Dagangan shares on Bursa Malaysia emerged as the top gainer in early trade, rising 5.5%, after posting stronger results in FY2024. – Bernama pic, February 21, 2025
News

Petronas Dagangan leads Bursa gainers after earnings growth, up 5.5%

Counter rises to RM1.04 to RM20.30, with 168,000 shares traded around 10.30am today

Bernama
Updated
1:02 PM MYT

 

KUALA LUMPUR – Petronas Dagangan Bhd’s (PetDag) shares on Bursa Malaysia emerged as the top gainer in early trade, rising 5.5%, after posting stronger results in the financial year ended December 31, 2024 (FY2024). 

At 10.38am, the counter rose RM1.04 to RM20.30, with 168,000 shares traded. 

PetDag’s net profit increased to RM1.09 billion in FY2024 compared to RM943.08 million in FY2023  driven by higher gross profit across all segments, despite a rise in expenditure, the group said in a filing with Bursa Malaysia yesterday. 

Meanwhile, revenue grew to RM37.95 billion in FY2024 from RM37.55 billion a year earlier, supported by a 3.0% increase in sales volume, despite a 2.0% decline in average selling prices. 

PetDag has declared an interim dividend of 25 sen per ordinary share and a special dividend of 20 sen per ordinary share for the quarter ended December 31, 2024. 

Hong Leong Investment Bank Bhd (HLIB) said PetDag’s results were within its (100%) and slightly exceeded the street’s estimates (104%). 

“Barring a significant swing in oil prices, we expect the group’s performance to remain stable in the coming quarters. 

“PetDag has demonstrated resilience in the diesel market post-subsidy cuts, supported by its strong market share in the commercial segment and fleet card system,” it said in a research note today. 

HLIB expects the targeted subsidy programmes for RON95, likely to be introduced in the second half of 2025, will have a minimal impact on sales volume in the near term, primarily affecting the Top 15% (T15) income population segment, which can absorb the price hikes. 

“Furthermore, Malaysia’s automotive sector total industry volume for the automotive sector hit a record high of 817,000 units in 2024, with electric vehicles only accounting for 5.6% of the total sales. 

“Hence, we reckon the demand for RON95 will remain supported by the dominance of internal combustion engine vehicles in Malaysia, at least in the near-to-medium term,” it added. 

Therefore, HLIB maintained its forecast and buy rating on PetDag, keeping the target price unchanged at RM22.49. – February 21, 2025

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