Petronas Gas 3Q net profit jumps 36.9% to RM591.01mil

KUALA LUMPUR: Petronas Gas Bhd recorded a net profit of RM591.01mil in the third quarter ended Sept 30, 2020, which was 36.9% higher than RM431.59mil in the previous corresponding quarter on the back of higher revenue contributions from its business segments.

The group declared a third interim dividend of 18 sen per share, which brought year-to-day payout to RM1 per share.

Revenue for the quarter was up 5.2% year-on-year to RM1.41bil due to the improved performance in the regasification and utilities segments in line with new tariffs for Regulatory Period 1 (RP1) effective Jan 1, 2020, and higher steam and industrial gases sales volume.

Group gross profit was 30.6% higher to RM735.76mil on higher contribution across the group's segments, particularly regasification and gas processing segments due to lower operating costs.

Meanwhile, the group recorded an unrealised foreign exchange gain on translation of US$ assets and liabilities of RM92.8mil due to a favourable exchange rate in the quarter.

On a segmental basis, the regasification segment experienced revenue growth of 11.7% to RM350.6mil on the back of the higher RP1 tariffs.

The segment's results increased 39.7% to RM216mil million due to lower internal gas consumption and higher regulated asset base for the Pengerang regasification terminal under the RP1 tariff.

Revenue from the utilities segment was 8.8% higher at RM336mil due to steam and industrial gases sales, leading to a two-fold jump in its results to RM46.4mil.

The gas processing segment recorded revenue of RM427mil, which was comparable to RM422.4mil in the same quarter last year. The segment's results however jumped 26% to RM247.8mil on the back of lower operating costs from lower depreciation expense and lower maintenance cost.

In the gas transport segment, Petronas Gas said the higher RP1 tariff mitigated the lower revenue following the transfer of Sabah-Sarawak Gas Pipeline operations to Petronas Carigali Sdn Bhd as well as the transfer of Miri and Bintulu gas distribution assets to a third-party.

Segment revenue for the quarter was comparable to the previous corresponding quarter at RM293.8mil while segment results jumped 12.2% to RM225.6mil.

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Petronas Gas , gas , Regulatory period 1


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