KUALA LUMPUR – Petronas Gas Bhd (PGB) saw a slight decline in net profit as it recorded RM468.99 million in the second quarter of this year compared to RM485.37 million it posted in Q2 last year.
In a filing with Bursa Malaysia today, PGB said lower profit for the quarter was due to higher operating expenses, mainly from depreciation expense and maintenance costs following higher completion of projects and activities performed, coupled with inflationary impact.
It said that the Q2 revenue was marginally higher at RM1.65 billion against RM1.64 billion previously, with higher revenue coming from gas processing following higher reservation charges income under the new term and higher revenue from gas transportation due to upward tariff adjustment.
“However, this was partially offset by a lower revenue segment in line with lower product prices,” PGB added.
For the first half of 2024, PGB recorded a net profit of RM925.64 million against RM909.55 million year-on-year, supported by reduced operating costs from lower fuel gas and internal gas consumption expenses.
Its revenue amounted to RM3.27 billion, reflecting a slight decrease of 1.4% or RM45.4 million from RM3.31 billion in the previous year, mainly due to lower earnings in the utilities segment, driven by reduced product prices despite higher sales volumes.
“However, the impact was offset by increased revenue from gas processing, which benefited from higher reservation charges under new terms, as well as higher tariffs in gas transportation,” it said.
PGB has declared a second interim dividend of 16.0 sen per share, consistent with the previous quarter, reflecting its commitment to providing value to shareholders. – August 20, 2024