KUALA LUMPUR, Nov 17 — Petronas Dagangan Bhd’s net profit slipped to RM212.66 million for the third quarter ended September 30, 2020 (Q3 2020) from the RM239.00 million posted in the same quarter last year.
Revenue declined to RM4.83 billion versus RM7.80 billion while its basic earnings per share slid to 21.40 sen against the 24.10 sen.
Commenting on the company’s performance, managing director and chief executive officer Azrul Osman Rani said the company expected some impact on its volume in the next quarter as the conditional movement control order has 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 a statement.
Azrul said that in the third quarter of the financial year 2020 (FY20), Petronas Dagangan became the first liquefied natural gas (LNG) solution provider using road trucks for off-grid customers in Peninsular Malaysia, following the completion of the Virtual Pipeline System (VPS) solution by Petronas Energy & Gas Trading via the Regasification Terminal (RGT) in Pengerang, Johor.
Through the VPS solution, Petronas Dagangan 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.
“Petronas Dagangan is also now marketing LNG as a cleaner fuel option to the marine industry, following the completion of its maiden ship-to-ship LNG bunkering transfer operation from MV Avenir Advantage, Petronas’s first LNG Bunkering Vessel (LBV), to SIEM Aristotle at Pasir Gudang, Johor, that was achieved via a collaboration with Titan LNG.
“More recently in October, Petronas Dagangan launched Makan@Mesra, a new eatery corner that offers convenient, fresh and well-balanced premium food at affordable prices to capture a larger market.
“Our fundamentals remain strong and we will continue to expand our offerings to cater to the demand in this new norm,” he said.
— Bernama
