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KUALA LUMPUR: PETRONAS Gas is on track to delivering a strong financial performance in 2023 on the back of stable-earnings contracts and an excellent operational performance, said the gas utility company.
During the third quarter of 2023, the group said it maintained its world-class reliability performance across all its plants and facilities.
"Amidst higher operating costs environment post-pandemic, the group will continue to strive for operational excellence as well as to strike the right balance between growth investments, financial prudence and shareholders' distribution," it said in a stock exchange filing.
In the quarter under review, PETRONAS Gas registered a net profit of RM468.46mil, as compared to a net profit of RM425.82mil in 3QFY22, for an earnings per share of 23.67 sen versus 21.52 sen previously.
The group reported revenue of RM1.55bil compared to RM1.56bil in the same quarter in 2022.
It said the slightly weaker performance was due to lower revenue from regasification and gas transport segments following lower approved regasification and transportation tariffs under RP2 being offset by higher revenue from utilities and gas processing segments on the back of higher product prices and higher performance incentive respectively.
The board of directors declared an interim dividend of 18 sen per share, brining the year-to-date payout to 50 sen per share.
For the entire nine months period, PETRONAS Gas recorded a net profit of RM1.38bil compared to RM1.23bil in the same period in 2022, while revenue was RM4.86bil compared to RM4.53bil in the comparative period.