KUALA LUMPUR: Petronas Gas Bhd's (PGB) net profit rose by 5.4 per cent to RM493.7 million in the third quarter of financial year 2024 (3QFY24) from RM468 million in the same quarter last year, due to higher customers offtake and gas processing.
Revenue increased by 6.8 per cent to RM1.66 billion from RM1.55 billion previously, due mainly to the utilities segment higher customers' offtake and gas processing, with higher reservation charges income under the new term.
Profit was also boosted by foreign exchange gain with the momentary strengthening of the ringgit against US dollar lease liabilities for jetty usage at the LNG Regasification Terminal in Pengerang, Johor.
PGB has announced a third interim dividend of 18 sen per share for shareholders, to be paid to shareholders on Dec 24, 2024.
For the first nine months of 2024, PGB posted a net profit of RM1.4 billon, up 3.0 per cent from RM1.38 billion in the same period last year.
Meanwhile, the revenue stood at RM4.92 billion, an increase of 1.2 per cent from RM4.8 billion previously, driven by higher revenue from gas processing segment due to higher reservation charges under the new term agreement.
However, this was offset by lower revenue from utilities segment, reflecting lower product prices.
"PGB Group is expected to deliver strong financial performance in 2024, underpinned by the stable-earning contracts and sustained operational performance," managing director and chief executive officer Abdul Aziz Othman said.
"The group remains committed to optimising cost efficiencies to mitigate the impact of an inflationary cost environment," he added.