PetGas on track for a profit rebound this year

A Petronas logo at their office in Kuala Lumpur, Malaysia August 15, 2017. REUTERS/Lai Seng Sin

KUALA LUMPUR: Petronas Gas Bhd (PetGas) reported a 5.6% jump in net profit for the second quarter (Q2) ended June 30 to RM425.93mil, putting it on track for a bottom-line rebound this year.

The improvement, achieved on 4.9% higher revenue of RM1.17bil, was mainly due to higher contribution from the gas transportation and regasification segments and higher other income and share of profit from joint ventures.

These were partially offset by lower contribution from gas processing segment due to higher operating costs, the Petroliam Nasional Bhd (Petronas) subsidiary said in a stock exchange filing on Tuesday.

For the first six months of the year, the country’s sole gas processor and transporter and liquefied natural gas regasification service provider posted a net profit of RM889.09mil, up 4.5% from the corresponding period of 2016.

At around this time last year, PetGas reported a 32.9% drop in half-year profit to RM850.71mil. This led to the group’s net profit tumbling 12.6% to RM1.74bil for the financial year ended Dec 31, 2016 (FY16).

The board of directors has approved a second interim dividend of 16 sen per share amounting to RM316.6mil in respect of this financial year ending Dec 31, 2017 (Q2 FY16: 14 sen).

This raised the total interim dividend for the year to 31 sen compared to 28 sen a year ago.

PetGas also announced on Tuesday the appointment of a new chief financial officer, Shariza Sharis Mohd Yusof, who will replace Aida Aziza Mohd Jamaludin with effect from Sept 1.

Shariza has been with Petronas since 2001. She was promoted to financial accounting manager of Petronas Dagangan Bhd in 2005, and was seconded to Petronas’ joint venture in the UK as head of finance and administration in 2007.

On her return to Malaysia in 2008, she was appointed as senior manager for strategic planning (corporate and Americas) at Petronas Group Strategic Planning.

Shariza joined Petronas Chemicals Group Bhd in 2011 as head of group accounts and performance planning and assumed her current position as financial controller the following year.