KUALA LUMPUR: Petronas Gas Bhd
expects to deliver a strong financial performance in 2024, underpinned by stable-earning contracts and sustained operational performance, said managing director and CEO Abdul Aziz Othman.
"The group remains committed to optimising cost efficiencies to mitigate the impact of an inflationary cost environment," he said in a statement.
In the third quarter ended Sept 30, 2024, PETRONAS Gas posted a net profit of RM493.67mil, as compared to RM468.46mil in the year-ago quarter. Its earnings per share rose to 24.95 sen from 23.67 sen previously.
The group reported revenue of RM1.66bil in 3QFY24, compared to RM1.55bil in 3QFY23.
Over the three cumulative quarters, the group's net profit came to RM1.42bil on revenue of RM4.92bil, while net profit in the year-ago quarter was RM1.38bil on revenue of RM4.86bil.
According to the group, the increase was primarily driven by higher revenue from the gas processing segment due to higher reservation charges under the new term agreement.
However, this was offset by lower revenue from the utilities segment, reflecting lower product prices.
The board of directors declared a third interim dividend of 18 sen per share, which has an ex-date of Dec 11, 2024, and is payable on Dec 24, 2024.
