KUALA LUMPUR: Petronas Dagangan Bhd’s (PetDag) net profit jumped 53.8% to RM137.19mil in the fourth quarter ended Dec 31, 2021 (4Q21) from RM89.21mil a year ago.

       Revenue for the quarter surged 60.6% to RM7.05bil versus RM4.39bil a year as there were less restrictions during the current quarter.

       Furthermore, it said improvement in Means of Platts Singapore (MOPS) prices trend during the period has further supported the improvement in FY21.

       PetDag’s board has declared an interim dividend of 26 sen per ordinary share amounting to RM258.29mil for 4Q21. The dividend is payable on March 24, 2022.

       For the full financial year ended Dec 31, 2021, PetDag posted a net profit of RM529.75mil, up 92% from RM275.96mil while revenue rose 20.3% to RM22.5bil against RM18.7bil a year earlier.

       Commenting on its outlook, PetDag is cautiously optimistic that the group’s current performance would be sustainable in the current year.

       “Dated Brent crude prices in most part of 2021 continued to increase compared to the previous quarter stimulated by economic recovery in major markets around the world and Opec+ decision to restrict its monthly production increase until early 2022.

       “Going into the first quarter of 2022, the improved crude oil price is poised to further strengthen as demand outstrips supply,” it said.