Gas Malaysia’s revenue for the first quarter ended 31 March 2024 was RM1,872.6 million compared to RM2,439.8 million in the corresponding quarter in 2023, representing a decrease of 23.2%.
However its profit after taxation improved to RM102 million compared to RM95 million the group achieved in the previous year’s quarter.
The group said the lower revenue was in line with lower average natural gas selling price, mitigated by higher volume of natural gas sold and higher tolling fee.
The profit before zakat and taxation for the first quarter ended 31 March 2024 was RM136.6 million, an increase of 7.9% as compared to the profit before zakat and taxation of RM126.6 million in the corresponding quarter in 2023. This was in line with higher volume of natural gas sold, higher tolling fee as well as higher finance and other income, partially offset by lower average natural gas contribution margin in line with the lower average natural gas cost, higher administrative expenses, and higher finance costs
On prospects moving forward, Gas Malaysia said it will continue to take prudent measures to maintain its operational efficiency to remain competitive and seek opportunities to grow its business. With the measures in place, the Board said it expects that the Group will deliver a satisfactory performance for the financial year 2024 in tandem with the expected
domestic economic growth.
