KUALA LUMPUR, Feb 26 — Gas Malaysia Bhd’s net profit for the financial year ended December 31, 2020 (FY20) rose to RM212.62 million from RM190.11 million in the preceding year.
Revenue, however, decreased to RM6.69 billion from RM6.88 billion previously.
“The profit before zakat and taxation for FY20 increased 20.1 per cent (versus FY19) mainly due to higher gross profit in line with the recognition of revenue cap adjustment in the current year despite the slightly lower volume of natural gas sold and higher overheads and depreciation,” it said in a filing with Bursa Malaysia today.
It said revenue for FY20 was impacted by the lower volume of natural gas consumed by the company’s customers as a consequent of the series of movement control order (MCO).
For the fourth quarter, Gas Malaysia’s net profit rose to RM69.23 million compared with RM57.93 million in Q4 FY19 and revenue for the quarter improved to RM1.82 billion from RM1.68 billion previously. — Bernama
