PetDag said its total assets surged by RM7.65bil or 80%.
says its profitability and liquidity position may be impacted if the outstanding subsidy receivables from the government are delayed.
Net cash generated from operating activities in the second quarter ended June 30 dropped by RM72.3mil because of the delay. In a note back in 2019, Affin Hwang Capital Research wrote that subsidy receivables from the government were paid on a two-month lag. The lag would have an impact on PetDag’s cashflow position.
PetDag’s net profit rose by almost three -fold to RM237.68mil in 2Q22 as compared to RM82.14mil in the previous corresponding quarter. Revenue surged by 83.33% year-on-year to RM9.5bil on higher sales volume and an increase in average selling prices . “The group’s performance is further supported by the favourable Brent price of US$113.78 per barrel as compared to US$68.78 per barrel in the corresponding quarter last year.”
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