PetGas posts net profit of RM503.35mil


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.

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.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3

   

Next In Business News

KLCI futures to trade higher next week
CPO futures to move higher next week
Biden rescinds Trump-era health insurance requirement for new immigrants
Venezuelan court seizes newspaper office in defamation case
FTC officials say 7-Eleven purchase of Speedway chain likely illegal despite closing
GLOBAL-LNG-Asian spot prices hit $10 on global supply disruptions
With superheroes and sci-fi, Disney+ outlook bright
Picasso oil painting sells for over US$100mil at New York auction
Oil prices jump as major US fuel pipeline restarts but COVID concerns cap gains
GLOBAL MARKETS-US and world stocks surge in recovery; dollar, bond yields dip

Stories You'll Enjoy


Vouchers