PetGas 1Q net profit increases to RM457mil

PETRONAS Gas managing director and CEO Abdul Aziz Othman

KUALA LUMPUR: Petronas Gas Bhd (PetGas) has recorded positive performance in the first quarter ended March 31, 2024 (1Q24) despite increased costs in the business environment amid the elevated Malaysia Reference Price (MRP) and commodity prices, says managing director and chief executive officer Abdul Aziz Othman.

“The performance underscores the group’s dedication to operational excellence and sustainable growth agenda, which will continue to underpin the company’s robust and healthy performance,” he said in a statement announcing the group’s results.

In 1Q24, the gas merchant posted a net profit of RM456.65mil, as compared to RM424.18mil in the year-ago quarter, supported by enhanced efficiency alongside reduced fuel gas prices and consumption.The group’s earnings per share rose to 23.08 sen from 21.44 sen previously.

Revenue during the quarter was slightly lower at RM1.62bil against RM1.67bil in the comparative quarter due to lower revenue from the utilities segment in line with decreased product prices.

PetGas declared an interim dividend of 16 sen per share, with entitlement date on June 14, 2024, and payable on June 27, 2024.

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