Its revenue in the fourth quarter improved 13% to RM1.3bil from RM1.15bil in the same period a year ago. PetGas said the higher revenue was mainly due to the group’s new LNG regasification terminal in Pengerang, Johor which commenced operations during the quarter.
This was further supported by higher revenue from gas processing and utilities segments on the back of higher PBS income and favourable selling price respectively.
For the full financial year, PetGas posted its highest revenue ever at RM4.8bil, mainly contributed by new revenue stream from the LNG regasification terminal in Pengerang, Johor and higher revenue from utilities segment.
Its profit for the year rose by 3.1% to RM1.79bil compared with RM1.73bil in the same period a year ago.
Commenting on its prospects, PetGas expects the group’s performance is expected to remain robust for 2018, backed by its strong and sustainable revenue streams from existing gas processing agreement and gas transportation agreements signed with Petronas.
“Furthermore, revenue stream for the regasification segment will grow with the first full year of operations at the group’s new LNG regasification terminal in Pengerang, Johor,” it said.
As announced by the group on Jan 15, 2018, the Gas Supply (Amendment) Act 2016 is effective from Jan 16, 2018 onwards and the Energy Commission has confirmed that the current tariffs for the group’s gas transportation and regasification services will be maintained until end of 2018.
“The group is in continuous discussion with Energy Commission on the framework and quantum of the said tariffs beyond 2018,” PetGas said.
Did you find this article insightful?