KUALA LUMPUR: Petronas Dagangan Bhd (PDB) saw gradual recovery from the impact of Covid-19 and Movement Control Order (MCO), recording a pre-tax profit of RM288.3 million in the third quarter (Q3) ended September 30, 2020 compared to RM317.7 million a year ago.
"This quarter's pre-tax profit is a significant improvement from the preceding quarter where the company registered RM1.2 million.
"It is an improved performance for PDB since March 2020, with sales volume recording a 34 per cent increase compared to the preceding quarter, mainly contributed by higher volume in Mogas
and Diesel, as nationwide activities gradually picked up from pandemic-related restrictions."
In the commercial segment, PDB said Jet A1 had seen an increase in volume as domestic travel recovered.
Its non-fuel income had also grown as Kedai Mesra become a more convenient shopping option during this pandemic, PDB said in a statement today.
Revenue in Q3 dropped 38.1 per cent to RM4.83 billion from RM7.81 billion, due to decrease in sales volume by 22 per cent and lower average selling prices of 21 per cent.
PDB managing director and chief executive officer Azrul Osman Rani said while its Q3 performance had improved, its expects some impact on volume in the next quarter as the conditional MCO had been implemented in most states.
"As this pandemic continues to be an ongoing challenge, we have accelerated the diversification of our product portfolio to future-proof our business," he said.
In Q3, PDB became the first liquified natural gas (LNG) solution provider to use road trucks for off-grid customers in Peninsular Malaysia.
This followed the completion of the Virtual Pipeline System (VPS) solution by Petronas Energy and Gas Trading via the Regasification Terminal (RGT) in Pengerang, Johor.
Through the VPS solution, PDB now has the capability to deliver LNG using trucks fitted with cryogenic tanks, providing access to cleaner energy to industries that are not connected to the natural gas infrastructure within Peninsular Malaysia.
More recently in October, PDB launched Makan@Mesra, a new eatery corner that offers convenient, fresh and well-balanced premium food at affordable prices to capture a larger market.
The new concept is part of PDB's continuous effort in growing its non-fuel business particularly to address the increasing demand for food-to-go solutions.
Azrul said its fundamentals remained strong and it would continue to expand its offerings to cater to the demand in this new norm.
"Particularly, we want to do our part to assist local businesses who have been hit hard and hence, both Makan@Mesra and LoveLocal Campaign are platforms that can promote the purchase of quality local products at our stores.
"I would like to thank our customers who have given support to Petronas, as by doing so, they are indirectly helping our local suppliers and strengthening the domestic economy," he added.