Gas Malaysia Records Solid Performance With Q1 Profits Rising 66.8% To RM120.3 Million

Gas Malaysia’s revenue for the first quarter ended 31 March 2022 was RM1.78 billion compared to RM1.15 billion in the
corresponding quarter in 2021, representing an increase of 54.8%. This was in line with the higher average natural gas selling price, in tandem with the global market price, mitigated by a lower volume of natural gas sold during the current quarter. Further increase in revenue was also due to higher firm capacity reservations by shippers for the utilisation of the Natural Gas Distribution System (“NGDS”) in the current quarter.

The profit before zakat and taxation was RM120.3 million, an increase of 66.8% as compared to RM72.1 million the group recorded in the corresponding quarter last year and higher compared to the preceding quarter of RM92million. This was mainly due to higher gross profit, lower administrative expenses, and higher contribution from the Group’s joint venture companies.

On the outlook, the group will continue to take prudent measures to maintain its operational efficiency, remain competitive, and seek opportunities to grow its business. Based on the above, the Board expects that the Group will deliver
satisfactory performance for the financial year 2022 in tandem with the expected economic growth.

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