MARC Affirms AAA Ratings On Petronas Dagangan RM10 Billion IMTN
MARC Affirms AAA Ratings On Petronas Dagangan RM10 Billion IMTN
In 1H2024, PDB's revenue increased by 10% y-o-y to RM19.2 billion, driven by a 6% growth in overall sales volume and 4% increase in average selling prices. Pre-tax profit, however, declined marginally by 8% y-o-y to RM722.9 million, partly due to relatively higher product costs and operating expenditures.
MARC Ratings has affirmed its MARC-1IS/AAAIS ratings on PETRONAS Dagangan Berhad's (PDB) RM10.0 billion nominal value Islamic Commercial Papers/ Islamic Medium-Term Notes (ICP/IMTN) Programmes. The long-term rating outlook was kept at stable.
MARC評級確認了其對國油達甘甘有限公司（PDB）名義價值爲100令吉的伊斯蘭商業票據/伊斯蘭中期票據（ICP/IMTN）計劃的MARC-1IS/AAAIS評級。長期評級前景保持穩定。
MARC added the affirmed ratings reflects PDB's well-established track record and its very strong market position in the domestic retailing and marketing of petroleum products. The ratings also incorporate PDB's strong liquidity and very low leverage level. Its strategic importance to the Petroliam Nasional Berhad group as PETRONAS' retail and marketing arm for downstream petroleum products is a rating consideration.
MARC補充說，確認的評級反映了PDB良好的往績記錄及其在國內石油產品零售和營銷中非常強大的市場地位。評級還納入了PDB強大的流動性和極低的槓桿水平。作爲馬石油下游石油產品的零售和營銷部門，其對國家石油有限公司的戰略重要性是評級考慮因素。
PDB's extensive distribution network of over 1,000 petrol stations across the country provides competitive advantage in the retail segment. The company added 20 new petrol stations in 2023 and plans to add around 10 new petrol stations a year going forward. In the commercial segment, PDB has a commendable market share of jet fuel sales. The group's strong supply capabilities and longstanding relationships with major local carriers underpin strong recurring contract orders.
PDB在全國各地擁有1,000多個加油站的廣泛分銷網絡，爲零售領域提供了競爭優勢。該公司在2023年增加了20個新的加油站，並計劃今後每年增加約10個新的加油站。在商業領域，PdB在航空燃料銷售中的市場份額值得稱讚。該集團強大的供應能力以及與當地主要航空公司的長期關係爲強勁的經常性合同訂單奠定了堅實的基礎。
In 1H2024, PDB's revenue increased by 10% y-o-y to RM19.2 billion, driven by a 6% growth in overall sales volume and 4% increase in average selling prices. Pre-tax profit, however, declined marginally by 8% y-o-y to RM722.9 million, partly due to relatively higher product costs and operating expenditures.
在 1H2024 中，受總銷售量增長6％和平均銷售價格增長4％的推動，PDB的收入同比增長了10％，達到192令吉。然而，稅前利潤同比小幅下降8％，至72290萬令吉，部分原因是產品成本和運營支出相對較高。
The rating agency notes that the implementation of the targeted diesel subsidy in June 2024 has had no immediate significant impact on PDB as the decline in retail diesel volume was partially offset by the growth in commercial diesel volume. Total diesel sales recovered in July 2024. The swift normalisation of diesel sales highlights the fuel's importance in the transportation sector.
該評級機構指出，2024年6月定向柴油補貼的實施並未對PdB產生直接的重大影響，因爲零售柴油銷量的下降被商用柴油銷量的增長部分抵消。柴油總銷量在2024年7月恢復。柴油銷售的迅速正常化凸顯了該燃料在運輸業中的重要性。
Cash flow from operations (CFO) more than doubled in 1H2024 y-o-y to RM2.18 billion, mainly due to higher receipts of subsidy receivables. PDB has solid liquidity as at end-1H2024 that includes cash and cash equivalents of RM3.1 billion. The company has maintained a strong balance sheet with low leverage levels; its debt-to-equity ratio was a low 0.02x as at end-June 2024. The rating agency said it does not anticipate any significant increase in PDB's borrowings in the near-to-medium term, considering the company's moderate capex requirements of about RM400 million p.a. relative to its strong CFO generation.
在 1H2024 中，運營現金流（CFO）同比增長一倍以上，達到21.8令吉，這主要是由於應收補貼收入的增加。截至2024年上半年末，人民發展銀行擁有穩健的流動性，其中包括31令吉的現金和現金等價物。該公司一直保持強勁的資產負債表，槓桿率較低；截至2024年6月底，其債務與權益比率爲0.02倍的低水平。該評級機構表示，考慮到與其強大的首席財務官相比，該公司的資本支出要求適中，每年約40000萬令吉，預計PDB的借款在短期至中期內不會有任何顯著增加。
譯文內容由第三人軟體翻譯。
