The group reported revenue of RM1.66bil in 3Q24.
PETALING JAYA: Petronas Gas Bhd
(PetGas) expects to deliver a strong financial performance in 2024, underpinned by stable-earning contracts and sustained operational performance, says managing director and chief executive officer Abdul Aziz Othman.
“The group remains committed to optimising cost efficiencies to mitigate the impact of an inflationary cost environment,” he said in a statement.
In the third quarter ended Sept 30, 2024 (3Q24), PetGas posted a net profit of RM493.67mil, as compared to RM468.46mil in the year-ago quarter, representing a 5.4% rise. Its earnings per share rose to 24.95 sen from 23.67 sen previously.
The group reported revenue of RM1.66bil in 3Q24, a 6.8% increase compared to RM1.55bil in 3Q23, which PetGas said was mainly the contribution of its utilities segment with improved customers’ offtake and gas processing following higher reservation charges income.
Over the three cumulative quarters, the group’s net profit came to RM1.42bil on revenue of RM4.92bil, while net profit in the year-ago quarter was RM1.38bil on revenue of RM4.86bil.
According to the group, the improved performance was primarily driven by higher revenue from the gas processing segment due to higher reservation charges under the new term agreement.
Additionally, it said the impact of favourable foreign exchange movement following the momentary strengthening of the ringgit on dollar lease liabilities for jetty usage at the regasification terminal at Pengerang also chipped in towards higher quarterly and cumulative earnings.
However, this was offset by lower revenue from the utilities segment, reflecting lower product prices.
The board of directors declared a third interim dividend of 18 sen per share, which has an ex-date of Dec 11, 2024, and is payable on Dec 24, 2024.
