PETALING JAYA: Gas Malaysia Bhd will focus on strengthening its presence in the gas industry value chain in the financial year 2021 (FY21) to move further ahead into the new regime that resulted from market liberalisation which has intensified competition in the industry.
Chairman Datuk Hasni Harun said to mitigate this impact, the group will also focus on enhancing efficiencies through cost savings, optimising operations, and fostering sustainable growth by embracing new businesses that can add further value to the group.
“The group is hopeful that the global economy will be better and more stable in FY21 in tandem with the global and country’s rollout of vaccines, which will reduce the negative impact of the pandemic.
“Our optimism is also premised on projections by the World Bank that Malaysia’s economy will expand by 6% this year. Consequently, the demand for gas is projected to increase as consumption and manufacturing activities return to pre-pandemic levels and increase further over the longer term, ” Hasni Harun (pic below) said in its Annual Report 2020.
Commenting on the country’s operating environment last year, Hasni said the company was able to sustain its performance, demonstrating resilience and fortitude in delivering clean, safe and uninterrupted energy supply to its customers.
Having posted its lowest monthly gas sales in April 2020, he said the group was able to stage a recovery in terms of higher gas sales from May 2020 onwards, in line with the gradual resumption of the economy.
For FY20, he said revenue of the group was lower at RM6.69bil compared to RM6.89bil in 2019. This was mainly due to lower average natural gas selling prices, he added. ─ Bernama