Petronas Gas reported a revenue increased by 4.6% or RM285.2 million to RM6.44 billion for the financial year ending 31 December 2023 which it said was mainly contributed by revenue from Utilities segment as a result of higher product prices in tandem with elevated fuel gas price.
Profit for the year increased by 8.1% or RM142.6 million to RM1.9 billion from RM1.75 billion the group registered in FY2022. This it said was in tandem with higher PBT as well as lower tax expense. The corresponding year tax expense was higher as a result of imposition of Prosperity Tax for year of assessment 2022.
For the fourth quarter under review, Petronas Gas recorded revenue of RM1.58 billion which was slightly lower compared to RM1.63 billion it registered in Q4FY22. Profit for the quarter also increased to RM465 million as opposed to RM462 million the group recorded in the previous year’s quarter.
Petronas Gas also noted that electricity tariff for the year was also higher in line with upward revision of ICPT surcharge. However, the decline in gross profit was as a result of lower contribution from Regasification and Gas Processing segments due to higher operating expenses, mainly depreciation expense following the completion of several capital projects including plant rejuvenation and statutory plant turnarounds, compounded with lower regasification tariff under RP2.
Despite lower gross profit, PBT improved on the back of higher share of profit from joint venture companies, lower financing costs and lower impact from unfavourable foreign exchange movement following early settlement of USD lease liability for floating storage at LNG regasification terminal in Sg. Udang, Melaka.
The group declared an interim dividend of 22 sen for the 4th quarter.
