PetGas post net profit of RM503.35mil, div of 27 sen/share

KUALA LUMPUR: Petronas Gas Bhd posted an improved net profit of RM503.35mil in the fourth quarter ended Dec 31, 2020, 3.7% higher than RM485.27mil in the previous corresponding quarter.

Revenue for the quarter was up 1.2% year-on-year to RM1.39bil from RM1.37bil on higher contribution from the regasification and gas transport segments in line with new tariffs for Regulatory Period 1 effective Jan 1, 2020.

The board of directors approved a fourth interim dividend of 22 sen per share and a special interim dividend of five sen per share, payable on March 22, 2021.

This brings the group's full-year payout to RM1.27 a share, as compared to 87 sen a share in 2019.

Over the course of the entire year, Petronas Gas recorded a net profit of RM2.01bil versus RM1.94bil in the same quarter in the previous year, while revenue rose to RM5.59bil from RM5.46bil

On a segmental basis, all the group's businesses except for gas transport posted increased contributions in FY20.

"The Group’s plants and facilities continued to perform strongly, close to 100% reliability during the year under review.

"The Group recorded robust financial performance amidst uncertain economic conditions due to the ongoing pandemic, supported by sustained revenue streams and lower costs," it said in its filing with Bursa Malaysia.

Moving forward, the Covid-19 pandemic is not expected to significantly impact the group's overall earnings as its business model and long-term contracts ensure steady revenue streams, particularly for the gas processing, gas transport and regasification business segments.
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