PETALING JAYA: Petronas Dagangan Bhd reported a net profit of RM137.19mil in the fourth quarter ended Dec 31, 2021 up by 53.78% year-on-year (y-o-y).

       The stronger bottom line was achieved as a result of higher sales volume as well as other income during the fourth quarter.

       However, the increase was partially offset by higher operating expenditure mainly from higher commission in line with higher sales volume, as well as higher repair and maintenance.

       The group’s revenue in the fourth quarter improved by 60.58% y-o-y to RM7.06bil compared with RM4.39bil in the previous corresponding quarter.

       Earnings per share for the quarter under review were 13.8 sen. A dividend of 26 sen per share was announced for the quarter.

       As for the financial year ended Dec 31, 2021 (FY21), Petronas Dagangan’s net profit surged by almost 92% y-o-y to RM529.75mil from RM275.96mil a year earlier.

       Meanwhile, the revenue rose by 20.28% y-o-y to RM22.51bil compared with RM18.71bil in FY20.

       The group said that its profitability improved in FY21 thanks to higher gross profit and lower operating expenditure, mainly from lower purchased and professional services commission and advertising and promotion activities.

       The revenue also increased as average selling prices rose by 23% in line with the increasing Mean of Platts Singapore price trend.

       This was however, marginally offset by a decrease in sales volume by 2%.