For Q1 2023 Petronas Gas saw its revenue rise by 14.9% or RM217.0 million to RM1,674.9 million which the group said was mainly contributed by higher revenue from utilities segment in line with higher product prices. Gross profit, it said declined by 10.6% or RM65.1 million due to higher operating expenses, mainly relating to fuel gas, internal gas consumption and depreciation expenses.
PBT also decreased by 5.3% or RM31.4 million in tandem with lower gross profit. This was however cushioned by higher interest income from fund investments and a higher share of profit from joint venture companies. Despite lower PBT, profit for the quarter improved by 2.4% or RM10.7 million due to lower tax expenses. The corresponding quarter tax expense was higher as a result of the imposition of the Prosperity Tax for the year of assessment 2022.
EBITDA was lower by 4.4% or RM36.6 million in line with PBT movement. EPS increased by 3.3%, reflecting higher profit attributable to shareholders of the Company.
The Board of Directors has approved a first interim dividend of 16 sen per ordinary share amounting to RM316.6 million in respect of the financial year ending 31 December 2023.
