Petronas Gas Bhd announced a pre-tax profit of RM624.236 million on the back of a turnover of RM1, 496, 881 million for the current quarter ending December 31, 2021, from a pre-tax profit of RM641.212 million on the back of a turnover of RM1,388,740 million.
It said that group revenue increased by 7.8% or RM108.2 million to RM1,496.9 million mainly contributed by higher revenue from Utilities segment due to higher product prices in line with higher fuel gas price coupled with higher electricity sales volumes following commencement of electricity supply under the New Electricity Despatch Arrangement (NEDA) from August 2021 onwards.
. PBT declined by 2.6% or RM17.0 million as lower gross profit coupled with the impact of unfavourable foreign exchange movement were negated by higher share of profit from joint ventures and lower finance costs.
For the year ended December 31, 2021, it achieved a pre-tax profit of 2,641,672 million on the back of a turnover of 5,648, 602 million from a pre-tax profit of 2,610,201 million on the back of a turnover of 5,592, 117 million
It said that the group revenue stood at RM5,648.6 million, an increase of 1.0% or RM56.5 million mainly contributed by higher revenue from Utilities driven by higher contribution from steam sales to new customers and from Regasification as a result of new revenue stream from LNG ancillary services.
It said that the PGB Group’s performance in 2022 is expected to remain resilient despite the ongoing pandemic as the Group’s business model and long-term contracts ensures steady revenue streams, particularly for Gas Processing, Gas Transportation and Regasification business segments.
It said that the Group’s Gas Transportation and Regasification business segments are anticipated to continue contributing positively to the Group’s earnings under Regulatory Period 1 (RP1) tariffs which is effective until 31 December 2022.
It said that the Group’s Gas Processing segment is expected to remain stable on the back of its strong and sustainable income stream under the 2nd Term of the 20-year Gas Processing Agreement effective from 2019 until 2023.
The Group’s Utilities segment contribution will be driven by customer demand, underpinned by economic conditions. The Group is amid finalising the renewal of several long-term contracts for the Utilities segment, to be concluded this year.
