KUALA LUMPUR, May 29 — Petronas Gas Bhd’s (PetGas) net profit rose to RM456.65 million in the first quarter ended March 31, 2024 (1Q 2024) from RM424.18 million in the same period last year on the back of lower fuel gas and internal gas consumption expenses and a lower fuel gas price.

Revenue, however, slid to RM1.62 billion from RM1.67 billion previously, mainly attributable to lower revenue from the utilities segment in line with lower product prices, it said in a filing with Bursa Malaysia today.

The gas infrastructure and utility company also declared an interim dividend of 16 sen per share, payable on June 27, 2024.

Moving forward, PetGas expects its performance in 2024 to remain healthy, underpinned by stable-earning contracts and sustained operational performance.

"The new third term gas processing agreement, and the approved upward tariff adjustment for gas transportation segment for the changes to internal gas consumption effective Jan 1, 2024, are anticipated to support the group’s healthy earnings,” it said.

Managing director and chief executive officer Abdul Aziz Othman said in a separate statement that despite increased business environment costs amidst elevated Malaysia reference price (MRP) and commodity prices, PetGas’ strong performance in 1Q 2024 has reflected the group’s resilience.

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