Petronas Gas Berhad recorded a revenue of RM1.5 billion for the second quarter in comparison to the RM1.38 billion it recorded for the three months ending June period. Year-to-date revenue stood at RM2.96 billion, an increase of 8.8% or RM238.6 million mainly contributed by higher revenue from Utilities segment due to higher product prices and higher electricity sales volume.
Gross profit decreased by 5.9% or RM76.8 million due to tighter margins recorded by the Utilities segment following higher fuel gas costs. PBT was RM1.14 billion, lower by 8.1% or RM100.7 million as the lower gross profit was further reduced by
the impact of unfavourable foreign exchange movement. Profit for the period declined by 15.0% or RM150.8 million with lower PBT as well as a higher effective tax rate with the imposition of Prosperity Tax for the year of assessment 2022. EBITDA was correspondingly lower by 6.0% or RM103.3 million in tandem with PBT movement.
In view of the results, PetGas has approved a second interim dividend of 16 sen per ordinary share amounting to RM316.6 million, in respect of the financial year ending 31 December 2022
Group revenue increased by 8.8% or RM238.6 million to RM2,962.5 million mainly driven by higher revenue from
the Utilities segment. Utilities revenue improved as a result of higher product prices and higher electricity sales
volume recorded.
The group expects the gas and utilities demand to improve as the country is transitioning into the endemic phase of COVID-19. Overall group’s performance in 2022 is expected to remain resilient on the back of long-term contracts which ensures
steady revenue streams, particularly for Gas Processing, Gas Transportation, and Regasification business segments.
Nevertheless, the group anticipates the rise in Malaysia Reference Price (MRP), a weakening trend of MYR against USD and
imposition of Prosperity Tax may further impact the overall Group’s performance.
