Petronas Dagangan Bhd.MYX: PETDAG

Quarterly Financial Report (Q3 FY2024)

· Issued by Petronas Dagangan Bhd.

PETRONAS DAGANGAN BERHAD 198201008499 (88222-D)

QUARTERLY REPORT

FOR THIRD QUARTER ENDED 30 SEPTEMBER 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 third quarter ended 30 September 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

Cumulative quarter ended

Note

30 September

30 September

In RM'000

2024

2023

2024

2023

Revenue

B1

9,726,960

9,915,997

28,958,025

27,473,972

Operating profit

443,817

260,851

1,188,588

1,046,356

Finance costs

(2,489)

(2,557)

(7,005)

(7,858)

Share of profit/(loss) after tax of equity

accounted associates and joint ventures

4,665

3,388

(12,713)

7,237

Profit before taxation

B1

445,993

261,682

1,168,870

1,045,735

Taxation

B4

(105,933)

(61,645)

(312,587)

(262,634)

PROFIT FOR THE PERIOD

340,060

200,037

856,283

783,101

Profit attributable to:

Shareholders of the Company

335,134

184,718

837,566

762,265

Non-controlling interests

4,926

15,319

18,717

20,836

PROFIT FOR THE PERIOD

340,060

200,037

856,283

783,101

Earnings per ordinary share - basic (sen)

B11

33.7

18.6

84.3

76.7

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.

1

PETRONAS DAGANGAN BERHAD 198201008499 (88222-D)

QUARTERLY REPORT

FOR THIRD QUARTER ENDED 30 SEPTEMBER 2024

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME

Individual quarter ended

Cumulative quarter ended

Note

30 September

30 September

In RM'000

2024

2023

2024

2023

PROFIT FOR THE PERIOD

340,060

200,037

856,283

783,101

Other comprehensive income

Items that may be reclassified subsequently

to profit or loss

Exchange differences arising from

translation of financial statements of

foreign operations

-

(11)

-

249

Reclassification of foreign currency

translation differences to profit or loss on

dissolution of a subsidiary

-

6,242

-

6,242

Total other comprehensive income for the

period

-

6,231

-

6,491

TOTAL COMPREHENSIVE INCOME FOR THE

PERIOD

340,060

206,268

856,283

789,592

Profit attributable to:

Shareholders of the Company

335,134

190,949

837,566

768,756

Non-controlling interests

4,926

15,319

18,717

20,836

TOTAL COMPREHENSIVE INCOME FOR THE

PERIOD

340,060

206,268

856,283

789,592

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.

2

PETRONAS DAGANGAN BERHAD 198201008499 (88222-D)

QUARTERLY REPORT

FOR THIRD QUARTER ENDED 30 SEPTEMBER 2024

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at

As at

30 September

31 December

In RM'000

Note

2024

2023

ASSETS

Property, plant and equipment

4,017,964

4,116,879

Intangible asset

-

97

Investments in associates

2,216

2,075

Investments in joint ventures

48,598

61,452

TOTAL NON-CURRENT ASSETS

4,068,778

4,180,503

Trade and other inventories

153,327

148,745

Trade and other receivables

3,149,801

5,634,024

Cash and cash equivalents

3,649,049

1,507,053

6,952,177

7,289,822

Assets classified as held for sale

16,383

16,634

TOTAL CURRENT ASSETS

6,968,560

7,306,456

TOTAL ASSETS

B1

11,037,338

11,486,959

EQUITY

Share capital

993,454

993,454

Reserves

4,966,766

4,774,945

Total Equity Attributable to Shareholders of the Company

5,960,220

5,768,399

Non-controlling interests

87,040

68,323

TOTAL EQUITY

B1

6,047,260

5,836,722

LIABILITIES

Borrowings

B6

97,081

99,823

Deferred tax liabilities

68,246

69,870

Other long-term liabilities and provisions

40,268

40,268

TOTAL NON-CURRENT LIABILITIES

205,595

209,961

Trade and other payables

4,626,358

5,356,895

Borrowings

B6

24,751

52,396

Taxation

133,374

30,985

TOTAL CURRENT LIABILITIES

4,784,483

5,440,276

TOTAL LIABILITIES

B1

4,990,078

5,650,237

TOTAL EQUITY AND LIABILITIES

11,037,338

11,486,959

Net assets per share attributable to ordinary equity holders of the

Parent (RM)

6.00

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.

3

PETRONAS DAGANGAN BERHAD 198201008499 (88222-D)

QUARTERLY REPORT

FOR THIRD QUARTER ENDED 30 SEPTEMBER 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 30 September 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

-

-

-

837,566

837,566

18,717

856,283

-

-

-

837,566

837,566

18,717

856,283

-

-

-

(645,745)

(645,745)

-

(645,745)

993,454

-

(305)

4,967,071

5,960,220

87,040

6,047,260

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

-

249

-

-

249

-

249

Dissolution of a foreign

operation subsidiary

-

6,242

-

-

6,242

-

6,242

Total other comprehensive

income for the period

-

6,491

-

-

6,491

-

6,491

Profit for the period

-

-

-

762,265

762,265

20,836

783,101

Total comprehensive

income for the period

-

6,491

-

762,265

768,756

20,836

789,592

Dividends paid

-

-

-

(725,222)

(725,222)

-

(725,222)

At 30 September 2023

993,454

-

(305)

4,793,130

5,786,279

65,457

5,851,736

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.

4

PETRONAS DAGANGAN BERHAD 198201008499 (88222-D)

QUARTERLY REPORT

FOR THIRD QUARTER ENDED 30 SEPTEMBER 2024

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

Cumulative quarter ended 30 September

In RM'000

Note

2024

2023

CASH FLOWS FROM OPERATING ACTIVITIES

Profit before taxation

1,168,870

1,045,735

Adjustments for:

Depreciation of property, plant and equipment

353,887

338,316

Amortisation of intangible asset

97

291

Net impairment (write back)/losses on:

-Trade and other receivables

(5,977)

2,279

-Property, plant and equipment

9,796

5,745

Bad debts written off

1,045

297

Share of loss/(profit) after tax of equity accounted associates and joint

ventures

12,713

(7,237)

Net unrealised foreign exchange loss

447

2,887

Net (gain)/loss on disposal of property, plant and equipment

(2,342)

42

Inventories written down to net realisable value ("NRV")

2,524

2,072

Property, plant and equipment written off

20,209

2,177

Property, plant and equipment expensed off

1,032

433

Interest income

(102,793)

(102,414)

Interest expense

7,005

7,858

Operating profit before changes in working capital

1,466,513

1,298,481

Trade and other inventories

(7,106)

(38,566)

Trade and other receivables

2,490,452

(1,186,132)

Trade and other payables

(732,477)

1,156,441

Cash generated from operations

3,217,382

1,230,224

Taxation paid

(211,823)

(448,835)

Net cash generated from operating activities

B1

3,005,559

781,389

CASH FLOWS FROM INVESTING ACTIVITIES

Interest income

102,793

102,414

Purchase of property, plant and equipment

(270,652)

(300,673)

Proceeds from disposal of property, plant and equipment

2,961

-

Net cash used in investing activities

B1

(164,898)

(198,259)

continue to next 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.

5

PETRONAS DAGANGAN BERHAD 198201008499 (88222-D)

QUARTERLY REPORT

FOR THIRD QUARTER ENDED 30 SEPTEMBER 2024

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (continued)

Cumulative quarter ended 30 September

In RM'000

Note

2024

2023

CASH FLOWS FROM FINANCING ACTIVITIES

Dividends paid

(645,745)

(725,222)

Drawdown of Sukuk facilities

B6

-

1,997

Repayment of Sukuk facilities

B6

(1,000)

(997)

Payment of lease liabilities

B6

(44,915)

(38,485)

Profit margin paid on Sukuk facilities

B6

(21)

(9)

Interest paid on lease liabilities

B6

(6,984)

(7,849)

Net cash used in financing activities

B1

(698,665)

(770,565)

Net increase/(decrease) in cash and cash equivalents

2,141,996

(187,435)

(Increase)/decrease in cash and cash equivalents restricted

(36,997)

23,223

Cash and cash equivalents at beginning of the period

1,478,837

2,851,047

Cash and cash equivalents at end of the period

3,583,836

2,686,835

Cash and cash equivalents

Cash and bank balances

3,649,049

2,701,727

Less: Cash and cash equivalents restricted

(65,213)

(14,892)

3,583,836

2,686,835

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.

6

PETRONAS DAGANGAN BERHAD 198201008499 (88222-D)

QUARTERLY REPORT

FOR THIRD QUARTER ENDED 30 SEPTEMBER 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 30 September 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 the 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 (Supplier Finance Arrangements)

Amendments to MFRS 7 Financial Instruments: Disclosures (Supplier Finance Arrangements)

The initial application of the above pronouncements are not expected to have material impact to the consolidated financial statements of the Group.

7

8
178,822
198,690
645,745
-
-
725,222
-
-
268,233
149,018
178,822
-
-
-
258,298
139,084
In RM'000
2022
Quarter 4: interim dividend of 26 sen per ordinary share
Quarter 4: special dividend of 14 sen per ordinary share 2023
Quarter 1: interim dividend of 15 sen per ordinary share
Quarter 2: interim dividend of 18 sen per ordinary share
Quarter 4: interim dividend of 27 sen per ordinary share 2024
Quarter 1: interim dividend of 18 sen per ordinary share
Quarter 2: interim dividend of 20 sen per ordinary share
As at 30 September 2024
As at 30 September 2023
DEBT AND EQUITY SECURITIES
There were no material issuance, cancellations, repurchases, resale and repayments of debt and equity securities for the period under review, except as disclosed in B6.
DIVIDENDS PAID
During the period under review, the following dividend payments were made:
485,000
116,276
79,037
195,313
Approved and contracted for Approved but not contracted for
87,102
397,898
In RM'000
As at 31 December 2023
Capital expenditures which have not been provided for at the end of each reporting period are as follows:
As at 30 September 2024
PART A - EXPLANATORY NOTES PURSUANT TO MFRS 134 (continued)
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 any audit qualification.
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.
EXCEPTIONAL ITEMS
There were no exceptional items during the period under review.
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 on the results of the period under review.
CAPITAL COMMITMENTS
PETRONAS DAGANGAN BERHAD 198201008499 (88222-D)
QUARTERLY REPORT
FOR THIRD QUARTER ENDED 30 SEPTEMBER 2024

A3

A4

A5

A6

A7

A8

A9

PETRONAS DAGANGAN BERHAD 198201008499 (88222-D)

QUARTERLY REPORT

FOR THIRD QUARTER ENDED 30 SEPTEMBER 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 segments, 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 cumulative quarter ended 30 September

In RM'000

2024

Business Segments

Retail

Commercial

Convenience

Group

Revenue

15,346,155

13,391,335

220,535

28,958,025

Depreciation and amortisation

275,767

53,288

24,929

353,984

Other income

137,188

64,350

3,581

205,119

Operating profit for reportable segments

666,642

490,964

30,982

1,188,588

Finance cost

(1,680)

(5,146)

(179)

(7,005)

Share of loss after tax of equity accounted

associates and joint ventures

(12,713)

Profit before taxation

1,168,870

In RM'000

2023

Business Segments

Retail

Commercial

Convenience

Group

Revenue

13,743,263

13,543,588

187,121

27,473,972

Depreciation and amortisation

272,389

41,813

24,405

338,607

Other income

126,926

68,035

5,524

200,485

Operating profit for reportable segments

622,172

380,853

43,331

1,046,356

Finance cost

(1,953)

(5,644)

(261)

(7,858)

Share of profit after tax of equity accounted

associates and joint ventures

7,237

Profit before taxation

1,045,735

9