Gas Malaysia posts RM69.29mil net profit for 4Q21

KUALA LUMPUR: Gas Malaysia Bhd's net profit improved marginally to RM69.29 million in the fourth quarter ended Dec 31, 2021 (Q4 2021), versus RM69.23 million in Q4 2020.

Revenue rose 6.7 per cent to RM1.94 billion from RM1.82 billion previously, it said in a filing with Bursa Malaysia today.

"This was in line with the higher average natural gas tariff, mitigated by lower volume of natural gas sold and the lower recognition of revenue cap during the quarter," it said.

On a 12-month basis, net profit rose to RM249.62 million for the financial year ended Dec 31, 2021 (FY2021) from RM212.62 million a year before.

However, its revenue decreased 12.5 per cent to RM5.85 billion compared to RM6.69 billion previously, in line with lower average natural gas tariff, mitigated by higher volume of natural gas sold and higher recognition of revenue cap, it said.

On its prospects, Gas Malaysia said due to uncertainties and challenges arising from the full market liberalisation of the natural gas industry, the company will continue to take prudent measures to maintain its operational efficiency to remain competitive and seek opportunities to grow its business.

With the measures in place, the group expects to deliver a satisfactory performance for FY2022, in tandem with the expected economic growth, it said.

Gas Malaysia also declared a second interim dividend of 6.00 sen per share on the 1.28 billion ordinary shares, amounting to RM77.04 million in respect of FY2021’s performance, which will be paid on March 31, 2022. - Bernama