KUALA LUMPUR (Feb 18): Petronas Gas Bhd (PetGas)'s net profit for the fourth quarter ended Dec 31, 2019 jumped 61.4% to RM485.27 million from RM300.59 million a year earlier, driven by higher share of profit from joint ventures, unrealised foreign exchange gains from translation of US dollar denominated lease liabilities and higher interest income from fund investments.

In a bourse filing today, PetGas said revenue for the quarter dipped to RM1.37 billion from RM1.38 billion in the year-ago period.

Earnings per share rose to 24.52 sen from 15.19 sen previously.

PGB declared fourth interim dividend of 22 sen per ordinary share amounting to RM435.3 million and a special interim dividend of 10 sen per ordinary share amounting to RM197.9 million in respect of the financial year ended Dec 31, 2019 (FY19). The payment dates for both dividends fall on March 26.

For FY19, PetGas’ net profit rose 8.4% year-on-year to RM1.94 billion from RM1.79 billion, while revenue was lower at RM5.46 billion versus RM5.49 billion previously.

Reviewing its performance, PetGas said the group’s plants and facilities continued to perform close to 100% reliability during the year under review.

On its prospects, PetGas said the Energy Commission has approved the Incentive-based Regulation tariffs for the Regulatory Period 1 for gas transportation and regasification services, which commenced from Jan 1, 2020 to Dec 31, 2022.

“While the new tariffs are expected to affect the group’s transportation and regasification business segment revenues, both segments are anticipated to continue contributing positively to the group’s earnings.

“The group’s gas processing segment is expected to remain stable on the back of its strong and sustainable income stream under the second term of the 20-year Gas Processing Agreement effective from 2019 until 2023,” it said.

At midday break today, PetGas shares were unchanged at RM16.22, for a market capitalisation of RM32.09 billion.