KUALA LUMPUR: Petronas Gas Bhd’s (PetGas) net profit for the third quarter ended Sept 30, 2023 (Q3 2023) rose to RM468.46 million from RM425.82 million in the same period a year earlier.
However, revenue for the quarter eased slightly by 0.9 per cent or RM14.5 million to RM1.55 billion from RM1.56 billion previously due to lower revenue from regasification and gas transportation segments.
The segments posted lower revenue following lower approved regasification and transportation tariffs under Regulatory Period 2 which was offset by higher revenue from utilities and gas processing segments on the back of higher product prices and higher performance incentive.
“The group maintained its world-class reliability performance across all its plants and facilities during the quarter under review,” it said in a filing with Bursa Malaysia yesterday.
For the nine-month period, PetGas posted higher net profit of RM1.38 billion compared to RM1.23 billion for the same period last financial year. Revenue was also higher at RM4.86 billion compared to RM4.53 billion.
The board of directors has approved a third interim dividend of 18 sen per ordinary share amounting to RM356.2 million in respect of the financial year ending Dec 31, 2023.
“The dividend is payable on Dec 15, 2023 to depositors registered in the records of depositors at the close of business on Dec 5, 2023,” the group said.
PetGas also said its total assets was at RM19.2 billion, lower by 2.4 per cent or RM469.8 million due to lower cash balance as a result of early settlement of lease liabilities for floating storage units at liquefied natural gas regasification terminal in Sungai Udang at Melaka.
Moving forward, the group expected to deliver strong financial performance for 2023, underpinned by the stable-earning contracts and excellent operational performance.
“Amid the higher operating costs environment post-pandemic, the group will continue to strive for operational excellence as well as the right balance between growth investments, financial prudence and shareholders’ distribution,” it added. – BERNAMA
