KUALA LUMPUR, Aug 24 — Shares of Petronas Dagangan Bhd showed strength in early trade Tuesday, but Petronas Gas Bhd continued to be under pressure.
At 10.25am, Petronas Dagangan increased 24 sen to RM19.04 with 15,400 shares transacted.
On the other hand, Petronas Gas fell four sen to RM15.96 with 77,800 units changing hands.
Yesterday, Petronas Dagangan, the retail arm of national oil company Petronas, announced that its net profit jumped to RM82.14 million in the second quarter (Q2) ended June 30, 2021, from the RM3.15 million recorded in the same period last year on the back of improved oil prices and higher volume.
Revenue grew to RM5.14 billion from RM2.93 billion while its basic earnings per share surged to 8.3 sen from 0.4 sen.
Managing director and chief executive officer Azrul Osman Rani said Petronas Dagangan’s business had gradually improved from last year although it remained cautious of current uncertainties and would continue to be prudent and optimise its resources.
In contrast, Petronas Gas’ net profit eased to RM439.07 million in the same quarter ended June 30, 2021, from RM547.10 million a year earlier.
Revenue slipped to RM1.38 billion from RM1.40 billion previously, mainly attributable to lower revenue from the utilities segment in line with lower product prices amid higher sales volumes.
Moving forward, the group said its performance for 2021 was expected to remain resilient despite the ongoing pandemic, as its business model and long-term contracts ensured steady revenue streams, particularly for gas processing, gas transportation, and regasification business segments. — Bernama
Source: Malay Mail
