Petronas Gas posts slight dip in Q3 net profit to RM580.84mil on unfavourable forex


KUALA LUMPUR: Petronas Gas Bhd recorded a net profit of RM580.84mil in the third quarter ended Sept 30, 2021, a 1.7% dip from RM591.01mil in the previous corresponding period due to the impact of unfavourable foreign exchange movement.

The gas infrastructure and utilities company said in a bourse filing it recorded unrealised foreign exchange loss of RM10.4mil relating to the translation of US dollar-denominated assets and liabilities, in contrast to a gain of RM84.3mil in the same quarter in 2020.

Earnings per share dipped to 29.35 sen compared to 29.87 sen a year earlier.

The board of directors declared a third interim dividend of 18 sen per share going ex on Dec 6, 2021, and payable on Dec 20, 2021.

In the quarter under review, the group reported revenue of RM1.43bil, which was a 1.4% increase over RM1.41bil in the year-ago quarter.

Moving forward, the group said its performance in 2021 is expected to remain resilient despite the ongoing pandemic as its business model and long-term contracts ensure steady revenue streams, particularly for the gas processing, gas transport and regasification business segments.

The gas transport and regasification segment is anticipated to continue contributing positively to the group’s earnings under the Regulatory Period 1 (RP1) tariffs while the gas processing segment is expected to remain stable on the back of its strong and sustainable income stream under the 2nd Term of the 20-year Gas Processing Agreement effective from 2019 until 2023.

Meanwhile, the group expects its utilities segment contribution to be driven by customer demand, underpinned by economic conditions.

For the nine months ended Sept 30, Petronas Gas posted a net profit of RM1.54bil on the back of revenue of RM4.15bil
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