Business

Petronas Gas 2019 net profit up to RM1.95 billion

TheMole
Written by TheMole

KUALA LUMPUR — Feb. 18, 2020: The net profit for Petronas Gas for the year ended last December 31 rose to RM1.93 billion from RM1.79 billion a year before.

Revenue was however lower at RM5.45 billion from RM5.49 billion previously due to less revenue from gas transportation and the Pengerang liquefied natural gas regasification terminal following the implementation of the Incentive-Based Regulation.

But there was higher revenue from gas processing and utilities due to improved reservation charge under the second term of the Gas Processing Agreement and higher selling prices.

The company informed Bursa Malaysia that the fourth quarter result showed that net profit rose to RM485.27 million from RM300.59 but revenue in the quarter fell to RM1.37 billion from RM1.38 billion, caused by lower revenue from gas transportation and the Pengerang terminal.

The company 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.

The 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.

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