Petronas Gas Berhad Group of Companies closed its financial year 2021 with a Profit After Tax (PAT) of RM2.11 billion, underpinned by sustained revenue streams and lower costs. This achievement marks the second year where the Group exceeds the RM2 billion PAT mark, following RM2.08 billion recorded in 2020.
Its group revenue stood at RM5.65 billion, higher than RM5.59 billion reported in 2020, mainly contributed by higher revenue from Utilities and Regasification segments. The Utilities business recorded higher sales volume to new customers secured while Regasification registered new revenue streams from LNG reloading at Regasification Terminal Sungai Udang and LNG truck loading at Pengerang respectively.
Gross profit for the year was higher by 2% to reach RM2.72 billion from RM2.66 billion on the back of lower operating costs and improved margins from both Utilities and Regasification segments. PAT improved by 1% on higher gross profit, partially offset by unfavourable foreign exchange impact.
PGB’s Q4 2021 revenue rose 8% to RM1.50 billion from RM1.39 billion reported in Q4 2020, largely due to Utilities registering higher prices in line with higher fuel gas prices coupled with higher electricity sales volumes.
However, gross profit in the fourth quarter of 2021 was lower by 3% at RM615 million against RM636 million in the same period in 2020 due to higher operating costs from Gas Transportation and Utilities segments, relating to internal gas consumption and fuel gas costs respectively. These were offset with lower operating costs at the Regasification segment, mainly utilities expenses. PAT correspondingly decreased by 6% to RM489 million.
Commenting on the performance, Managing Director and Chief Executive Officer Abdul Aziz Othman said, “Our strongest financial performance to date indicates PGB’s resilience in sustaining operational excellence amidst COVID-19 outbreaks, market uncertainties, and natural disaster. Moving forward in 2022, we aim to continue operating efficiently while realising our identified growth opportunities.”
PGB’s performance in 2022 is expected to remain resilient despite the ongoing pandemic as the Group’s business model and long-term contracts ensure steady revenue streams, particularly for Gas Processing, Gas Transportation and Regasification business segments.
The group declared an interim dividend of 22 sen in the fourth quarter with a special interim dividend of 10 sen per ordinary share, resulting in a total of 82 sen per share for the year. In FY2020, the Group paid a dividend of 127 sen, including a special dividend of 50 sen and 5 sen in Q2 2020 and Q4 2020 respectively.
