KUALA LUMPUR, Feb 18 ― Petronas Gas Bhd's net profit for the financial year ended Dec 31, 2019 (FY 2019), rose to RM1.93 billion from RM1.79 billion recorded in 2018.
Revenue, however, was slightly lower at RM5.45 billion from RM5.49 billion previously due to the lower revenue from gas transportation and the Pengerang liquefied natural gas (LNG) regasification terminal following the implementation of the Incentive-Based Regulation.
However, this was offsetted by higher revenue from the gas processing and utilities segments arising from improved reservation charge under the second term of the Gas Processing Agreement and higher selling prices, it said in a filing with Bursa Malaysia today.
On the fourth quarter (Q4) results, Petronas Gas’ net profit rose to RM485.27 million compared with RM300.59 million in Q4 2018.
Revenue for the quarter fell to RM1.37 billion from RM1.38 billion previously, driven by lower revenue from the gas transportation segment and the Pengerang LNG regasification terminal.
The company had approved a fourth interim dividend of 22 sen per ordinary share amounting to RM435.3 million and a special interim dividend of 10 sen per ordinary share amounting to RM197.9 million.
On prospects, it said that its gas processing segment is expected to remain stable on the back of a strong and sustainable income stream under the second term of the Gas Processing Agreement, effective from 2019 until 2023. ― Bernama
