KUALA LUMPUR (Feb 15): Gas Malaysia Bhd’s fourth quarter net profit rose 49.22% to RM76.98 million, from RM51.59 million a year earlier, on higher volume of gas sold, partly offset by higher operating expenses. 

Earnings per share rose to six sen for the fourth quarter ended Dec 31, 2017 (4QFY17), from 4.02 sen previously, the group said in a filing with Bursa Malaysia today. 

Quarterly revenue grew 40.1% to RM1.47 billion from RM1.05 billion in 4QFY16, thanks to higher volume of gas sold and also because of higher natural gas tariff. 

For the full financial year (FY17), net profit climbed 17.86% to RM194.64 million, from RM165.14 million in FY16. Revenue rose 31.97% to RM5.35 billion, from RM4.05 billion. 

Growth in revenue was also driven by increase in volume of gas sold and revisions in gas tariffs. 

Gas Malaysia declared a second interim dividend of four sen per share, amounting to RM51.36 million, payable on March 27. The ex-date is March 2 and entitlement date is March 6. 

Moving forward, the board anticipates yearly increase in gas sales volume and number of customers to sustain in FY18. 

“The group’s profitability for FY18 is expected to be in tandem with the level reflecting the prevailing tariff setting mechanism framework,” it added.

Gas Malaysia’s share price went up two sen or 0.75% to RM2.70 today, giving it a market capitalisation of RM2.69 billion.