KUALA LUMPUR, 16 Feb 2023 — Petronas Gas Bhd posted a lower net profit at RM1.65 billion for its financial year ended Dec 31, 2022 (FY2022) compared to RM1.99 billion recorded in the previous financial year.
In a filing to Bursa Malaysia today, the group said its revenue, however, rose to RM6.16 billion from RM5.65 billion recorded in the previous year.
Petronas Gas said the increase in total revenue was mainly driven by higher revenue from the utility segment, on the back of higher product prices, while the lower net profit was in tandem with lower gross profit, coupled with the impact of unfavourable foreign exchange movement and lower share of profit from joint-venture (JV) companies.
The group said these were cushioned by higher interest income from fund investments.
Reviewing its performance for FY2022, Petronas Gas said the group maintained its world-class reliability performance across all its plants and facilities during the year.
“The Group recorded resilient financial performance for the full year 2022 amidst challenging external environment on the back of increasing fuel gas price and unfavourable foreign exchange movement,” it said.
For the fourth quarter (4Q) ended Dec 31, 2022, Petronas Gas’ net profit fell to RM412.55 million from RM452.63 million, while revenue increased to RM1.63 billion from RM1.50 billion registered in the previous corresponding period.
Petronas Gas has declared a fourth interim single-tier dividend of 22 sen per ordinary share, with the ex-date on March 3, 2023, and payable on March 15, 2023.
— Akses Malaysia
