Petronas Gas Group saw its second-quarter 2023 revenue increase by 8.8% or RM132.8 million to RM1.63 billion which the group said was mainly driven by higher revenue from Utilities segment on the back of higher product prices.
Gross profit was higher by 4.6% or RM28.4 million to RM495 million with higher contribution from the Utilities segment in tandem with higher revenue as well as stronger margin as a result of a more balanced cost pass-through to customers which
reduced the business exposure to gas price volatility.
PBT rose by 12.1% or RM67.8 million in line with higher gross profit coupled with a higher share of profit from joint venture companies, higher interest income from fund investments, and lower exposure from foreign exchange movement following early settlement of USD lease liabilities for floating storage units at LNG regasification terminal in Sg. Udang, Melaka.
For the 1H group revenue stood at RM3.3 billion, an increase of 11.8% or RM349.8 million mainly contributed by higher
revenue from the Utilities segment in line with higher product prices. Gross profit, nevertheless, declined by 3.0% or RM36.7 million due to higher operating expenses by the Gas Transportation and Gas Processing segments coupled with lower revenue from Regasification segment. These were offset with higher contribution from Utilities segment in tandem with higher revenue as well as stronger margins as a result of a more balanced cost pass-through to customers which reduced the business exposure to gas price
volatility.
Despite lower gross profit, PBT improved by 3.2% or RM36.4 million on the back of a higher share of profit from joint venture companies and higher interest income from fund investments coupled with lower exposure from foreign exchange movement following early settlement of USD lease liabilities for floating storage units at LNG regasification terminal in Sg. Udang, Melaka.
Profit for the period increased by 10.7% or RM91.2 million in tandem with higher PBT coupled with lower tax expenses. The corresponding period tax expense was higher as a result of imposition of Prosperity Tax for year of assessment
