PETRONAS Gas reports RM472.3 mln profit after tax in first quarter of 2024

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By DayakDaily Team

KUCHING, May 29: PETRONAS Gas Berhad (PGB) announced a profit after tax (PAT) of RM472.3 million for the first quarter of 2024, marking a 5.4 per cent increase compared to the same quarter in 2023.

Additionally, PGB also declared an interim dividend of 16 sen per share, equivalent to RM316.6 million, maintaining the payout level from the corresponding quarter last year.

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In a media release today, PGB said this move highlighted the company’s commitment to delivering consistent returns to shareholders amidst challenging market conditions.

Throughout the first quarter of 2024, PGB sustained its world-class performance and reliability, ensuring steady earnings from long-term contracts across all segments’ plants and facilities.

Its gross profit improved by 9.9 per cent to RM601.2 million, supported by enhanced efficiency alongside reduced fuel gas prices and consumption.

Despite a 3.4 per cent decrease in revenue to RM1,618.8 million, primarily due to lower revenue from the utilities segment in line with decreased product prices, PGB’s profit before tax (PBT) rose by 7.3 per cent to RM597.3 million.

This increase in PBT and PAT were driven by higher gross profit, partially offset by unfavorable foreign exchange movements and a lower contribution from joint venture companies.

PGB managing director and chief executive officer Abdul Aziz Othman underscored PGB’s dedication to operational excellence and sustainable growth agenda, which he believes will continue to underpin the company’s robust and healthy performance.

“PGB’s strong performance in Q1 FY2024, despite increased business environment costs amidst elevated Malaysia Reference Price (MRP) and commodity prices, reflects our resilience.

“We anticipate maintaining robust and healthy performance while actively pursuing identified opportunities,” he said. — DayakDaily

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