This article first appeared in The Edge Financial Daily on November 15, 2019

KUALA LUMPUR: Gas Malaysia Bhd’s net profit for the third quarter ended Sept 30, 2019 (3QFY19) grew 12.24% to RM46.48 million, from RM41.42 million a year earlier, on higher revenue. Earnings per share increased to 3.27 sen, from 3.2 sen previously.

Revenue rose 12.82% to RM1.76 billion from RM1.56 billion, thanks to higher volume of natural gas sold and a higher natural gas tariff, Gas Malaysia said in a filing with Bursa Malaysia.

For the cumulative nine months ended Sept 30, 2019, Gas Malaysia’s net profit edged up 7.22% to RM138.8 million or 10.29 sen per share, from RM129.46 million or 10.07 sen per share last year. Revenue was up 15.87% to RM5.21 billion from RM4.49 billion.

On prospects, Gas Malaysia expects the group’s profitability for 2019 to be in tandem with the level reflecting the prevailing tariff setting mechanism framework.

“The board anticipates that the yearly increase in natural gas sales volume and the number of customers will sustain for the financial year 2019,” the group added.

Gas Malaysia shares closed one sen or 0.35% lower at RM2.82 yesterday, valuing the group at RM3.62 billion.