PETRONAS Dagangan (PETDAG) Q3 2025 earnings summary

Executive summary

• Q3 2025 saw resilient volume growth and stable profit before tax, supported by strong fundamentals and commercial demand, despite global uncertainties and a 4% revenue decline.

• Malaysia's economic expansion in Q3 was driven by robust domestic demand and stronger net exports.

Financial highlights

• Revenue for YTD Q3 2025 was RM27,690.8 mil, down 4% year-over-year, mainly due to a 5% drop in average selling prices; Q3 revenue rose 5% sequentially but fell 2% year-over-year.

• Gross profit for YTD Q3 2025 was RM3,278.6 mil, down 4% year-over-year; Q3 gross profit increased 1% sequentially but declined 5% year-over-year.

• Profit before tax for YTD Q3 2025 was RM1,169.6 mil, up 0.1% year-over-year; Q3 PBT rose 3% sequentially but dropped 13% year-over-year.

• Net profit for the period was RM863.2 mil.

• Cash and cash equivalents increased 86% to RM3,929.1 mil as of September 2025.

Outlook and guidance

• Cautiously optimistic near-term outlook, with Brent oil prices expected to trend downward into early 2026 due to rising global inventories and increased supply.

• Domestic demand expected to remain strong, supported by civil service salary adjustments, government assistance, and tourism campaigns.

• The domestic economy is expected to remain resilient in 2025, supported by private consumption and inbound tourism, with inflation projected to stay moderate.

• Infrastructure expansion and low-carbon initiatives, including the rollout of EV charging stations and the launch of sustainable aviation fuel, are expected to support future growth.