PETRONAS DAGANGAN
BERHAD
QUARTERLY REPORT
FOR FIRST QUARTER ENDED 31 MARCH 2024
PETRONAS DAGANGAN BERHAD 198201008499 (88222-D)
QUARTERLY REPORT
FOR FIRST QUARTER ENDED 31 MARCH 2024
The Board of Directors of PETRONAS Dagangan Berhad ("PDB" or the "Company") is pleased to announce the following Unaudited Condensed Consolidated Financial Statements for PDB Group for the first quarter ended 31 March 2024 which should be read in conjunction with the accompanying explanatory notes on pages 7 to 19.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
Individual quarter ended | ||||
Note | 31 March | |||
In RM'000 | 2024 | 2023 | ||
Revenue | B1 | 9,393,126 | 8,645,458 | |
Operating profit | 343,155 | 407,032 | ||
Finance costs | (2,333) | (2,675) | ||
Share of (loss)/profit after tax of equity accounted | ||||
associates and joint ventures | (14,051) | 4,508 | ||
Profit before taxation | B1 | 326,771 | 408,865 | |
Taxation | B4 | (93,870) | (102,496) | |
PROFIT FOR THE PERIOD | 232,901 | 306,369 | ||
Profit attributable to: | ||||
Shareholders of the Company | 226,041 | 301,838 | ||
Non-controlling interests | 6,860 | 4,531 | ||
PROFIT FOR THE PERIOD | 232,901 | 306,369 | ||
Earnings per ordinary share - basic (sen) | B11 | 22.8 | 30.4 |
The Unaudited Condensed Consolidated Statement of Profit or Loss should be read in conjunction with the accompanying
explanatory notes attached to these Condensed Consolidated Financial Statements.
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PETRONAS DAGANGAN BERHAD 198201008499 (88222-D)
QUARTERLY REPORT
FOR FIRST QUARTER ENDED 31 MARCH 2024
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME
Individual quarter ended | |||
Note | 31 March | ||
In RM'000 | 2024 | 2023 | |
PROFIT FOR THE PERIOD | 232,901 | 306,369 | |
Other comprehensive income | |||
Items that may be reclassified subsequently to profit or | |||
loss | |||
Exchange differences arising from translation of financial | |||
statements of foreign operations | - | 321 | |
Total other comprehensive income for the period | - | 321 | |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 232,901 | 306,690 | |
Profit attributable to: | |||
Shareholders of the Company | 226,041 | 302,159 | |
Non-controlling interests | 6,860 | 4,531 | |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 232,901 | 306,690 |
The Unaudited Condensed Consolidated Statement of Other Comprehensive Income should be read in conjunction with
the accompanying explanatory notes attached to these Condensed Consolidated Financial Statements.
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PETRONAS DAGANGAN BERHAD 198201008499 (88222-D)
QUARTERLY REPORT
FOR FIRST QUARTER ENDED 31 MARCH 2024
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at | As at | |||
31 March | 31 December | |||
In RM'000 | Note | 2024 | 2023 | |
ASSETS | ||||
Property, plant and equipment | 4,065,463 | 4,116,879 | ||
Intangible asset | - | 97 | ||
Investments in associates | 2,147 | 2,075 | ||
Investments in joint ventures | 47,329 | 61,452 | ||
TOTAL NON-CURRENT ASSETS | 4,114,939 | 4,180,503 | ||
Trade and other inventories | 196,508 | 148,745 | ||
Trade and other receivables | 4,565,032 | 5,634,024 | ||
Cash and cash equivalents | 2,755,369 | 1,507,053 | ||
7,516,909 | 7,289,822 | |||
Assets classified as held for sale | A12 | 16,634 | 16,634 | |
TOTAL CURRENT ASSETS | 7,533,543 | 7,306,456 | ||
TOTAL ASSETS | B1 | 11,648,482 | 11,486,959 | |
EQUITY | ||||
Share capital | 993,454 | 993,454 | ||
Reserves | 4,732,753 | 4,774,945 | ||
Total Equity Attributable to Shareholders of the Company | 5,726,207 | 5,768,399 | ||
Non-controlling interests | 75,183 | 68,323 | ||
TOTAL EQUITY | B1 | 5,801,390 | 5,836,722 | |
LIABILITIES | ||||
Borrowings | B6 | 96,512 | 99,823 | |
Deferred tax liabilities | 77,109 | 69,870 | ||
Other long-term liabilities and provisions | 40,268 | 40,268 | ||
TOTAL NON-CURRENT LIABILITIES | 213,889 | 209,961 | ||
Trade and other payables | 5,490,665 | 5,356,895 | ||
Borrowings | B6 | 44,192 | 52,396 | |
Taxation | 98,346 | 30,985 | ||
TOTAL CURRENT LIABILITIES | 5,633,203 | 5,440,276 | ||
TOTAL LIABILITIES | B1 | 5,847,092 | 5,650,237 | |
TOTAL EQUITY AND LIABILITIES | 11,648,482 | 11,486,959 | ||
Net assets per share attributable to ordinary equity holders of the | ||||
Parent (RM) | 5.76 | 5.81 |
The Unaudited Condensed Consolidated Statement of Financial Position should be read in conjunction with the
accompanying explanatory notes attached to the Condensed Consolidated Financial Statements.
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PETRONAS DAGANGAN BERHAD 198201008499 (88222-D)
QUARTERLY REPORT
FOR FIRST QUARTER ENDED 31 MARCH 2024
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
In RM'000
At 1 January 2024 Profit for the period
Total comprehensive income for the period
Dividends paid
At 31 March 2024
Attributable to shareholders of the Company | ||||||
Non-distributable | Distributable | |||||
Foreign | ||||||
Currency | Non- | |||||
Share | Translation | Capital | Retained | controlling | Total | |
Capital | Reserve | Reserves | Profits | Total | Interests | Equity |
993,454 | - | (305) | 4,775,250 | 5,768,399 | 68,323 | 5,836,722 |
- | - | - | 226,041 | 226,041 | 6,860 | 232,901 |
- | - | - | 226,041 | 226,041 | 6,860 | 232,901 |
- | - | - | (268,233) | (268,233) | - | (268,233) |
993,454 | - | (305) | 4,733,058 | 5,726,207 | 75,183 | 5,801,390 |
At 1 January 2023 | 993,454 | (6,491) | (305) | 4,756,087 | 5,742,745 | 44,621 | 5,787,366 |
Exchange difference | |||||||
arising from translation | |||||||
of financial statements | |||||||
of foreign operation | - | 321 | - | - | 321 | - | 321 |
Total other comprehensive | |||||||
income for the period | - | 321 | - | - | 321 | - | 321 |
Profit for the period | - | - | - | 301,838 | 301,838 | 4,531 | 306,369 |
Total comprehensive | |||||||
income for the period | - | 321 | - | 301,838 | 302,159 | 4,531 | 306,690 |
Dividends paid | - | - | - | (397,382) | (397,382) | - | (397,382) |
At 31 March 2023 | 993,454 | (6,170) | (305) | 4,660,543 | 5,647,522 | 49,152 | 5,696,674 |
The Unaudited Condensed Consolidated Statement of Changes in Equity should be read in conjunction with the
accompanying explanatory notes attached to these Condensed Consolidated Financial Statements.
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PETRONAS DAGANGAN BERHAD 198201008499 (88222-D)
QUARTERLY REPORT
FOR FIRST QUARTER ENDED 31 MARCH 2024
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Individual quarter ended 31 March
In RM'000 | Note | 2024 | 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Profit before taxation | 326,771 | 408,865 | ||
Adjustments for: | ||||
Depreciation of property, plant and equipment | 113,575 | 111,506 | ||
Amortisation of intangible asset | 97 | 97 | ||
Net impairment losses/(write back) on trade and other receivables | 508 | (3,287) | ||
Bad debts written off | 13 | - | ||
Share of loss/(profit) after tax of equity accounted associates and joint | ||||
ventures | 14,051 | (4,508) | ||
Unrealised foreign exchange loss/(gain) | 1,530 | (27) | ||
Net gain on disposal of property, plant and equipment | (46) | - | ||
Property, plant and equipment expensed off | 401 | 316 | ||
Interest income | (28,372) | (32,883) | ||
Interest expense | 2,333 | 2,675 | ||
Operating profit before changes in working capital | 430,861 | 482,754 | ||
Trade and other inventories | (47,763) | (42,270) | ||
Trade and other receivables | 1,068,485 | 360,209 | ||
Trade and other payables | 133,510 | (145,146) | ||
Cash generated from operations | 1,585,093 | 655,547 | ||
Taxation paid | (19,271) | (255,079) | ||
Net cash generated from operating activities | B1 | 1,565,822 | 400,468 | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Interest income | 28,372 | 32,883 | ||
Purchase of property, plant and equipment | (61,921) | (46,605) | ||
Proceeds from disposal of property, plant and equipment | 46 | - | ||
Net cash used in investing activities | B1 | (33,503) | (13,722) | |
continue to next page |
Unaudited Condensed Consolidated Statement of Cash Flows should be read in conjunction with the accompanying
explanatory notes attached to the Condensed Consolidated Financial Statements.
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PETRONAS DAGANGAN BERHAD 198201008499 (88222-D)
QUARTERLY REPORT
FOR FIRST QUARTER ENDED 31 MARCH 2024
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (continued)
Individual quarter ended 31 March
In RM'000 | Note | 2024 | 2023 | ||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
Dividends paid | (268,233) | (397,382) | |||
Payment of lease liabilities | B6 | (13,437) | (15,203) | ||
Profit margin paid on Sukuk facilities | B6 | (9) | - | ||
Interest paid on lease liabilities | B6 | (2,324) | (2,675) | ||
Net cash used in financing activities | B1 | (284,003) | (415,260) | ||
Net increase/(decrease) in cash and cash equivalents | 1,248,316 | (28,514) | |||
(Increase)/decrease in cash and cash equivalents restricted | (20,802) | 4,086 | |||
Net foreign exchange differences | - | 40 | |||
Cash and cash equivalents at beginning of the period | 1,478,837 | 2,851,047 | |||
Cash and cash equivalents at end of the period | 2,706,351 | 2,826,659 | |||
Cash and cash equivalents | |||||
Cash and bank balances | 2,755,369 | 2,860,687 | |||
Less: Cash and cash equivalents restricted | (49,018) | (34,028) | |||
2,706,351 | 2,826,659 | ||||
continued from previous page |
The Unaudited Condensed Consolidated Statement of Cash Flows should be read in conjunction with the accompanying
explanatory notes attached to the Condensed Consolidated Financial Statements.
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PETRONAS DAGANGAN BERHAD 198201008499 (88222-D)
QUARTERLY REPORT
FOR FIRST QUARTER ENDED 31 MARCH 2024
PART A - EXPLANATORY NOTES PURSUANT TO MFRS 134
A1 BASIS OF PREPARATION
The condensed financial statements have been prepared using historical cost basis except for certain financial assets and financial liabilities that are stated at fair value.
The condensed financial statements are unaudited and have been prepared in accordance with IAS 34 Interim Financial Reporting, MFRS 134 Interim Financial Reporting and paragraph 9.22 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad. They should be read in conjunction with the Audited Financial Statements and the accompanying notes for the year ended 31 December 2023. The explanatory notes attached to these condensed consolidated financial statements provide an explanation of events and transactions that are significant to the understanding of the changes in the financial position and performance of the Group since the year ended 31 December 2023.
Within the context of these financial statements, the Group comprises the Company and its subsidiaries, and the Group's interest in its associates and its joint ventures as at and for the quarter ended 31 March 2024.
A2 MATERIAL ACCOUNTING POLICIES
The financial information presented herein has been prepared in accordance with the accounting policies to be used in preparing the annual consolidated financial statements for 31 December 2024 under the MFRS framework. These policies do not differ significantly from those used in the audited consolidated financial statements for year ended 31 December 2023 except as disclosed below.
During the financial year, the Group has adopted the following MFRS and Amendments to MFRSs ("pronouncements") that have been issued by the Malaysian Accounting Standard's Board ("MASB").
Effective for annual periods beginning on or after 1 January 2024
Amendments to MFRS 16 Leases (Lease Liability in a Sale and Leaseback)
Amendments to MFRS 101 Presentation of Financial Statements (Classification of Liabilities as Current or
Non-current)
Amendments to MFRS 101 Presentation of Financial Statements (Non-current Liabilities with Covenants)
Amendments to MFRS 107 Statement of Cash Flows and MFRS 7 Financial Instruments: Disclosures (Supplier Finance Arrangements)
The initial application of the above pronouncements are not expected to have material impact to the financial statements of the Group.
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PETRONAS DAGANGAN BERHAD 198201008499 (88222-D)
QUARTERLY REPORT
FOR FIRST QUARTER ENDED 31 MARCH 2024
PART A - EXPLANATORY NOTES PURSUANT TO MFRS 134 (continued)
A3 AUDIT REPORT OF PRECEDING ANNUAL FINANCIAL STATEMENTS
The audited financial statements of the Group for the year ended 31 December 2023 were not subject to audit qualification.
A4 SEASONAL OR CYCLICAL FACTORS
The Group's operations in relation to sales volume are not significantly affected by seasonal or cyclical fluctuations of the business/industry.
A5 EXCEPTIONAL ITEMS
There were no exceptional items during the period under review.
A6 MATERIAL CHANGES IN ACCOUNTING ESTIMATES
There were no material changes in estimates of the amounts reported in the most recent annual financial statements of the Group for the year ended 31 December 2023 that may have a material effect in the results of period under review.
A7 CAPITAL COMMITMENTS
Outstanding capital commitments in respect of capital expenditure at financial position date not provided for at the end of each reporting period are as follows:
As at | As at | ||
31 March | 31 December | ||
In RM'000 | 2024 | 2023 | |
Approved and contracted for | 56,416 | 87,102 | |
Approved but not contracted for | 367,106 | 397,898 | |
423,522 | 485,000 | ||
A8 DEBT AND EQUITY SECURITIES
There were no issuance, cancellations, repurchases, resale and repayments of debt and equity securities for the period under review, except as disclosed in B6.
A9 | DIVIDENDS PAID | |||
During the period, the following dividend payments were made: | ||||
As at | As at | |||
31 March | 31 March | |||
In RM'000 | 2024 | 2023 | ||
2022 | ||||
Quarter 4: interim dividend of 26 sen per ordinary share | - | 258,298 | ||
Quarter 4: special dividend of 14 sen per ordinary share | - | 139,084 | ||
2023 | ||||
Quarter 4: interim dividend of 27 sen per ordinary share | 268,233 | - | ||
268,233 | 397,382 |
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PETRONAS DAGANGAN BERHAD 198201008499 (88222-D)
QUARTERLY REPORT
FOR FIRST QUARTER ENDED 31 MARCH 2024
PART A - EXPLANATORY NOTES PURSUANT TO MFRS 134 (continued)
A10 OPERATING SEGMENTS
The Group's reportable operating segments comprise Retail, Commercial and Convenience Businesses. Each reportable segment offers different services and requires different marketing strategies.
For each of the reportable segment, the Group's chief operating decision maker which is the Board of Directors of the Company, reviews internal management reports at least on a quarterly basis.
• | Retail | - consists of sales and purchase of petroleum products to the retail sector. |
- Commercial - consists of sales and purchase of petroleum products and provision of services to the commercial sector.
- Convenience - comprises mainly non-fuel business activities.
Revenues derived from petroleum products are predominantly sold to the retail and commercial sectors in Malaysia which have been disclosed in the Operating Segment. In this respect, no further disaggregation of revenue is presented.
Results for the quarter ended 31 March | ||||
In RM'000 | 2024 | |||
Business Segments | Retail | Commercial | Convenience | Group |
Revenue | 5,046,563 | 4,277,032 | 69,531 | 9,393,126 |
Depreciation and amortisation | 89,942 | 15,463 | 8,267 | 113,672 |
Other income | 39,949 | 17,365 | 1,579 | 58,893 |
Operating profit for reportable segments | 215,333 | 120,654 | 7,168 | 343,155 |
Finance cost | (527) | (1,723) | (83) | (2,333) |
Share of loss after tax of equity accounted | ||||
associates and joint ventures | (14,051) | |||
Profit before taxation | 326,771 | |||
In RM'000 | 2023 | |||
Business Segments | Retail | Commercial | Convenience | Group |
Revenue | 4,409,699 | 4,172,145 | 63,614 | 8,645,458 |
Depreciation and amortisation | 89,238 | 14,309 | 8,056 | 111,603 |
Other income | 40,486 | 16,452 | 1,447 | 58,385 |
Operating profit for reportable segments | 227,862 | 160,309 | 18,861 | 407,032 |
Finance cost | (197) | (2,310) | (168) | (2,675) |
Share of profit after tax of equity accounted | ||||
associates and joint ventures | 4,508 | |||
Profit before taxation | 408,865 |
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