Friday 29 Mar 2024
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KUALA LUMPUR (Feb 26): Petronas Gas Bhd reported a 5% rise in fourth quarter net profit at RM486.7 million versus RM465.6 million a year earlier as revenue rose mainly on the group's new liquefied natural gas (LNG) regasification terminal in Pengerang, Johor.

In a statement to Bursa Malaysia today, Petronas Gas said revenue rose to RM1.3 billion in the fourth quarter ended Dec 31, 2017 (4QFY17) from RM1.15 billion.

"Group revenue grew by 13% or RM149.9 million to RM1.3 billion, mainly contributed by the group's new LNG regasification terminal in Pengerang, Johor, which commenced operations during the quarter. This was further supported by higher revenue from Gas Processing and Utilities segments on the back of higher PBS (performance based structure) income and favourable selling price respectively. Profit (after tax) for the quarter also increased by 10% or RM47.1 million to RM510.4 million on higher revenue coupled with higher share of profit from one of the group's joint venture companies.

"The group's performance is expected to remain robust for 2018, backed by its strong and sustainable revenue streams from existing Gas Processing Agreement and Gas Transportation Agreements signed with Petronas. Furthermore, revenue stream for the Regasification segment will grow with the first full year of operations at the group's new LNG Regasification Terminal in Pengerang, Johor," Petronas Gas said.

For FY17, Petronas Gas said net profit rose to RM1.79 billion from RM1.74 billion a year earlier. Revenue was higher at RM4.81 billion versus RM4.56 billion.

For 4QFY17, the group proposed a dividend of 19 sen a share, which brings full-year dividends to 66 sen.

Today, Petronas Gas shares settled at RM17.76 at 12:30pm for a market value of RM35.14 billion. The stock saw 271,300 shares traded.

 

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