PETRONAS Dagangan (PETDAG) Q4 2024 earnings summary

Executive summary

• Achieved strong earnings growth for Q4 2024, supported by higher demand, robust margins, and disciplined cost management despite global uncertainties.

• Profit before tax for Q4 2024 rose 27% year-over-year to RM361.8 million, driven by favorable market conditions and portfolio optimization.

• Full-year revenue increased 1% to RM37,950.8 million, with profit before tax up 15% to RM1,530.7 million, supported by 3% sales volume growth and Malaysia's resilient 5.1% GDP growth.

• Retail and Convenience segments delivered strong profit growth, while Commercial segment saw higher profit despite lower revenue.

Financial highlights

• FY2024 revenue rose 1% year-over-year to RM37,950.8 million; gross profit up 12% to RM4,481.0 million.

• EBITDA increased 12% to RM1,858.2 million; profit before tax up 15% to RM1,530.7 million year-over-year.

• Q4 2024 revenue was RM8,992.7 million, down 11% year-over-year due to a 9% drop in average selling prices, but profit before tax increased to RM361.8 million.

• Full-year net profit attributable to shareholders was RM1,086.6 million, up from RM943.1 million in 2023.

• Net cash generated from operating activities surged to RM1,769.2 million from negative RM87.2 million last year, mainly due to increased receipt of subsidy receivables.

Outlook and guidance

• Oil price expected to average USD73–74/bbl in 2025, down from USD81/bbl in 2024.

• Air passenger traffic projected to rise to 105.8–112.9 million in 2025 (2024: 93.8 million).

• Private consumption anticipated to strengthen, driven by wage increases and improved labor market.

• The group will focus on core and Convenience segments, operational efficiency, and alignment with government policies to enhance competitiveness.

• Continued focus on low-carbon economy transition and green mobility initiatives.