Still uncertain.
The group sustained growth in earnings due to the increase in sales volume. This was fuelled by the Hari Raya holidays and pick-up in jet fuel sales as the country entered into the endemic phase of Covid-19, according to CIMB-CGS Research.
“This was due to the surge in Mean of Platts Straits prices of jet fuel and diesel which the group could not immediately recover from its customers,” said the research house. Its net profits for 2Q22 was also boosted by the disposal of its Sarawak Liquefied Petroleum Gas business to Sarawak state interests, it added.
PetDag had to take a new revolving credit loan of RM684mil after seeing RM551mil in operating cash flow for 2Q22.“The group’s trade receivables grew by a staggering RM6.8bil between Dec 31, 2021 and June 30, 2022, funded largely by PetDag deferring the payments to Petroliam Nasional Bhd, its primary creditor,” said CGS-CIMB Research.On the contrary, Kenanga Research upgraded their call to “market perform” from “underperform” at a higher target price to RM22.25.
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