KUALA LUMPUR, May 25 — Petronas Gas Bhd's net profit rose to RM516.4 million for the first quarter ended March 31, 2021 (1Q21) from RM368.1 million in the same period last year as it maintained world-class reliability performance across all plants and facilities.
However, revenue decreased four per cent to RM1.34 billion from RM1.396 billion previously mainly attributable to lower revenue from utilities segment in line with lower product prices amid higher sales volumes, it said in a filing with Bursa Malaysia today.
It said its performance in 2021 is expected to remain resilient despite the ongoing pandemic as the business model and long-term contracts ensure steady revenue streams, particularly for gas processing, gas transportation and regasification business segments.
Petronas Gas said gas transportation and regasification business segments are anticipated to continue contributing positively to the company’s earnings under the Regulatory Period One tariffs.
“The company’s gas processing segment is expected to remain stable on the back of its strong and sustainable income stream under the second term of the 20-year Gas Processing Agreement effective from 2019 until 2023.
“The company’s utilities segment contribution will be driven by customer demand underpinned by economic conditions,” it added. — Bernama
