KUALA LUMPUR, Feb 28 — PETRONAS Gas Berhad (PGB) announced a strong financial performance for the financial year ended 31 December 2023 (FY2023), with an increased profit after tax (PAT) of 8.1 per cent to RM1.9 billion. The strong financial performance was attributed to continued operational excellence and robust margins from the utilities segment as well as higher contribution from joint venture companies.
Accordingly, PGB declares an interim dividend of 22 sen per ordinary share for Q4 FY2023, mirroring the dividend distribution made in the corresponding quarter of the previous fiscal year. This brings the total FY2023 dividend distribution to 72 sen.
For the full year, PGB reported a total revenue of RM6.45 billion, an increase of 4.6 per cent from RM6.16 billion posted in FY2022, mainly contributed by the increased revenue from the utilities segment, on the back of higher product prices in tandem with elevated fuel gas price and higher electricity tariff.
PGB maintained its strong performance and reliability across all its plants and facilities during the period. This ensured steady earnings from long-term contracts under Gas Processing, Gas Transportation, Regasification, and Utilities segments amidst challenging market conditions on the back of long-term agreements.
The group’s gross profit, however, decreased by 2.6 per cent to RM2.29 billion against RM2.35 billion in FY2022 as a result of lower contributions from the regasification and gas processing segments. The decline was primarily attributed to higher operating expenses due to depreciation expenses following the completion of several capital projects, including plant rejuvenation and statutory plant turnarounds.
— Bernama
