by DayakDaily Team
KUCHING, Feb 21: Petronas Gas Bhd (PGB) recorded a higher profit after tax (PAT) of RM1.92 billion for the financial year ended Dec 31, 2024 (FY24), marking a 1.2 per cent increase from RM1.90 billion in the previous year.
In a press statement, it said, this was driven by solid operational performance, disciplined cost management and effective risk mitigation across the group’s business segments.
PGB also declared a fourth interim dividend of 22 sen per share, similar to the corresponding quarter in FY23, underscoring our commitment to delivering long-term value to shareholders.
For FY24, the group’s revenue rose to RM6.54 billion, a 1.4 per cent increase from RM6.45 billion in FY23. The growth was primarily attributed to higher revenue from the gas processing segment,
supported by increased reservation charge income under the new term.
However, this was partially offset by lower revenue from the utilities segment, which was mainly impacted by weaker product prices.
Its profit before tax (PBT) declined by 1.1 per cent, primarily due to a lower share of profit from joint venture (JV) companies.
However, PGB effectively mitigated this impact through strategic risk management, including the early settlement of US dollar lease liabilities for LNG Regasification Terminal Sg Udang (RGTSU), which reduced financing costs.
Favourable foreign exchange movements from the strengthening of the ringgit against US dollar lease liabilities further cushioned the decline.
PGB’s financial performance was further reinforced by sustained operational efficiency and
proactive maintenance programs, ensuring high asset reliability across our portfolio.
A one-off Investment Tax Allowance (ITA) recognition for the year of assessment 2024 contributed to lower tax expense, further supporting PAT growth.
PCG managing director and CEO Abdul Aziz Othman, commented, “PGB Group is expected to deliver healthy financial performance for 2025 on the back of continued solid operational performance.”
He added, while operating costs are projected to rise, including costs associated with newly completed assets, the Group is committed to optimising cost efficiencies to mitigate the impact.
Additionally, the group will continue to prioritise sustainable growth initiatives and strive to maximise returns for shareholders. – DayakDaily
