KUALA LUMPUR (May 25): Petronas Gas Bhd reported today that first quarter net profit rose 40.28% to RM516.4 million from RM368.12 million a year earlier despite a drop in group revenue on lower income from the group’s utilities segment in line with lower product prices. 

In statements to Bursa Malaysia today, Petronas Gas said profit grew as the group recorded lower operating cost and favourable movement in foreign exchange. 

Petronas Gas said group revenue fell to RM1.34 billion in the first quarter ended March 31, 2021 (1QFY21) from RM1.4 billion. 

For 1QFY21, Petronas Gas declared a dividend of 16 sen a share, which will be paid on June 21, 2021. The company said the dividend’s ex-date falls on June 10, 2021.

Petronas Gas undertakes its businesses across its gas processing, gas transportation, regasification and utilities segments.

"[Despite group revenue decline,] gross profit was nevertheless higher by 16.8% or RM102.7 million with all segments recording higher contribution on lower operating costs, relating to fuel gas, internal gas consumption and depreciation. 

“PBT (profit before tax) surged by 49.3% or RM221.5 million in tandem with higher gross profit, complemented by favourable movement in foreign exchange,” Petronas Gas said.

At Bursa’s 12:30pm break today, Petronas Gas’ share price rose four sen or 0.25% to RM15.90, which values the group at about RM31.48 billion.

Petronas Gas has 1.98 billion issued shares, according to its latest quarterly financial report.