KUALA LUMPUR: Petronas Gas Bhd
’s (PGB) net profit rose to RM453.33 million in the second quarter ended June 30,2026 (2Q FY2026) from RM450.19 million in the same period last year.
However, revenue for the quarter under review inched down by 5.6 per cent to RM1.50 billion from RM1.59 billion previously due to lower revenue from the utilities segment following lower sales volume due to planned regulatory turnaround activities.
"This impact was cushioned by higher revenue from gas transportation segment following upward tariff adjustment and increased contribution from regasification segment arising from liquified natural gas (LNG) storage services at Pengerang, Johor, which commenced in August 2025,” it said in a filing with Bursa Malaysia today.
PGB said the gas transporation segment’s 2Q FY2026 revenue increased by 12.7 per cent to RM320.5 million from RM284.3 million in 2Q FY2025 mainly due to higher regulatory period 3 (RP3) tariff supported by growth in the regulated asset base following successful execution of RP2 projects.
"This was further complemented by upward tariff adjustments primarily related to the sharing factor for prior year’s under recovery of internal gas consumption (IGC) price in accordance with Incentive-Based Regulation (IBR) framework by the Energy Commission,” it said.
For the first half of 2026 (1H 2026), the group’s net profit slipped to RM892.02 million from RM918.98 million in the same period a year ago, while revenue also decreased 3.1 per cent to RM3.09 billion from RM3.18 billion previously.
"The softer performance mainly attributable to lower revenue from the utilities segment following lower sales volume due to planned regulatory turnaround activities, coupled with reduced product prices in line with a decrease in fuel gas price,” said PGB.
On prospects, PGB is expected to continue delivering healthy performance in 2026, supported by stable earnings from its regulated and long-term contracted businesses, as well as sustained operating performance.
The group said it remains attentive to margin pressures arising from higher fuel gas prices and elevated operating costs and is committed to mitigating cost pressures through disciplined cost management and optimising asset utilisation.
"We will continue to strengthen operational resilience, commercial excellence and cost optimisation while maintaining safe and reliable operations, with a focus on delivering long-term value creation for shareholders,” it added.
Meanwhile, PGB managing director and chief executive officer Abdul Aziz Othman said PGB's healthy performance reflects the strength of the group’s regulated and long-term contracted businesses, supported by disciplined cost management, strong asset reliability and proactive asset stewardship.
"While the group continues to navigate margin pressures arising from planned turnaround activities and an evolving cost environment, PGB remains focused on enhancing operational resilience, optimising asset utilisation and driving sustainable value creation for our stakeholders,” he added. - Bernama
