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Friday, May 20, 2022

Petronas Gas announces RM316.6mil dividend for first quarter 2022


Petronas Gas Berhad says performance in 2022 is expected to remain resilient. (Petronas Gas Berhad pic)

KUALA LUMPUR: Petronas Gas Berhad (PGB) has posted a profit after tax of RM438 million on the back of RM1.46 billion revenue for the first quarter of 2022 (1Q2022).

The results were attributed to strong operational performance and steady revenue streams from long-term contracts.

PGB also declared an interim dividend of 16 sen per share, equivalent to RM316.6 million, similar to the same quarter last year, highlighting the group’s resilience in sustaining its performance amid challenging market conditions.

For the first quarter ending March 31, group revenue stood at RM1.46 billion, higher than RM1.34 billion in the same quarter last year. The growth came primarily from utilities business which saw increasing product prices in line with the increase in fuel gas price and higher electricity sales volume. Group revenue was comparable with 1Q2021 revenue of RM1.5 billion.

Gross profit for the quarter was RM612 million against RM712 million previously due to lower margins recorded by the utilities segment. This follows higher fuel gas costs for electricity supply. Profit after tax for the quarter stood at RM438 million against RM540 million in 1Q2021.

“PGB’s financial performance in the first quarter of 2022 reflects our commitment to operational excellence and cost management despite the challenging market conditions.” said managing director and CEO Abdul Aziz Othman.

“We concluded several contract renewals with our long-term utilities customers. Moving forward, we target to complete the remaining utilities contract renewals this year, which should contribute more positively to the segment, on top of exploring commercial opportunities outside our captive market.

“We are also sharpening the focus on cost management and efficiency throughout the group this year, to effectively address cost or price increases.”

PGB’s performance in 2022 is expected to remain resilient in enduring the challenging market condition. This is driven by the increase in customer demand as well as the group’s business model and long-term contracts that ensure steady revenue streams, particularly for the gas processing, gas transportation and regasification business segments. - FMT

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