By DayakDaily Team
KUCHING, Nov 27: PETRONAS Gas Berhad (PGB or the Group) has reported solid profit after tax (PAT) of RM1.50 billion for the first nine months of 2024 (9MFY2024), reflecting a 4.8 per cent increase from RM1.44 billion posted in the same period last year, driven by strong operational performance.
In a media release today, PGB announced a third interim dividend of 18 sen per share, maintaining the same rate as the previous quarter, underscoring its commitment to delivering consistent value to shareholders.
For the first three quarters of 2024, the Group achieved a revenue of RM4.92 billion, marking a 1.2 per cent increase from RM4.86 billion in the same period last year.
This growth was primarily fueled by higher revenue from the Gas Processing segment, attributed to increased reservation charges under a new term agreement.
However, this was partially offset by lower revenue from the Utilities segment, which was impacted by lower product prices.
PGB’s focus on effective maintenance programmes has ensured optimal capacity across all its assets, contributing to the higher PAT in 9MFY2024 compared to the previous year.
Additionally, improved margins in the Utilities segment, driven by lower fuel gas costs following the decline in the Malaysian Reference Price (MRP), further supported the Group’s performance.
Managing director and CEO Abdul Aziz Othman expressed confidence in the Group’s continued strong financial performance for 2024, driven by stable-earning contracts and consistent operational performance.
“The Group remains focused on optimising cost efficiencies to mitigate the impact of an inflationary cost environment,” he stated. — DayakDaily
