KUALA LUMPUR (Feb 22): Petronas Gas Bhd's (PetGas) net profit for the fourth quarter ended Dec 31, 2021 fell 10% to RM452.63 million from RM503.35 million a year earlier, dragged by higher operating costs.

In a bourse filing Tuesday, PetGas said revenue increased by 7.8% year-on-year to RM1.49 billion from RM1.39 billion due mainly to higher revenue from its utilities segment.

The company declared a special dividend of 10 sen per share and fourth interim dividend of 22 sen to be paid on March 22.

For the financial year ended Dec 31, PetGas said net profit dipped to RM1.99 billion from RM2.01 billion in the prior year, on the back of RM5.65 billion in revenue versus RM5.59 billion previously.

Reviewing its performance, PetGas said its gas processing plants maintained world class operational performance, recording close to 100% reliability.

It said the group’s pipeline network continued to achieve close to 100% reliability, comparable to the corresponding year.

The group’s LNG regasification terminals in Sg Udang, Melaka and Pengerang, Johor sustained their strong reliability performance at close to 100% during the year.

Meanwhile, the group’s utilities plants achieved 100% product delivery reliability for steam, electricity, and industrial gases during the year.

On its prospects, PetGas said its performance in 2022 is expected to remain resilient despite the ongoing pandemic as the group’s business model and long-term contracts ensure steady revenue streams, particularly for gas processing, gas transportation and regasification business segments.

At the midday break Tuesday, PetGas fell six sen to RM17.02, valuing it at RM33.68 billion.