PetGas 3Q Net Profit Jumps To RM493.67 Mln, Declares 18 Sen Dividend

KUALA LUMPUR, Nov 27 (Bernama) -- Petronas Gas Bhd's (PetGas) net profit climbed to RM493.67 million in the third quarter ended Sept 30, 2024 (3Q FY2024), up from RM468.46 million in the same period last year.

The rise was driven by higher gross profit and favourable foreign exchange movements, following a temporary strengthening of the ringgit against US dollar lease liabilities for jetty usage at its Regasification Terminal Pengerang (RGTP), PetGas said in a filing with Bursa Malaysia today.

The gas infrastructure and utilities company posted revenue of RM1.66 billion in 3Q FY2024, up from RM1.55 billion, primarily driven by its utilities segment, which saw higher customer offtake and gas processing, along with increased reservation charge income under new terms.

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PetGas' board of directors has approved a third interim dividend of 18 sen per share, totalling RM356.2 million for the financial year ending Dec 31, 2024, payable on Dec 24, 2024.  

For the nine months ended Sept 30, 2024, PetGas recorded a net profit of RM1.42 billion, compared with RM1.38 billion previously. Revenue also rose to RM4.92 billion, up from RM4.86 billion.

Looking ahead, managing director and chief executive officer Abdul Aziz Othman said the group expects to deliver strong financial performance for 2024, supported by stable-earning contracts and sustained operational performance.

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"The group remains committed to optimising cost efficiencies to mitigate the impact of an inflationary cost environment," he added in a separate statement.

--BERNAMA