KUALA LUMPUR, Feb 19 (Bernama) -- PETRONAS Gas Berhad (PGB), a subsidiary of PETRONAS, announces a total dividend of 82 sen for the financial year ended 31 December 2019, comprising an interim dividend 22 sen per share for the fourth quarter and a special dividend of 10 sen per share for the year. The company has previously announced quarterly dividend payment of 16 sen (Q1), 16 sen (Q2) and 18 sen (Q3). In FY2018, it paid a dividend of 72 sen.
 
Overall, PGB reported a stable revenue of RM5.46 billion and a higher profit of RM1.98 billion for FY2019. 
 
Commenting on the Company’s performance, PGB Managing Director/Chief Executive Officer Kamal Bahrin Ahmad said: “Since its incorporation in 1985, PGB has continued to grow from strength to strength. Our business model, together with concerted effort and targeted CAPEX spend, has contributed to our resilience towards changes in the operating environment. This is evident with the sustainable financial performance achieved in 2019. 
 
PGB’s successful implementation of the Pilot Regulatory Period and maiden third party cargo last year bodes well for Malaysia’s gas market liberalisation. 
 
For the twelve months under review, revenue stood at RM5.46 billion against RM5.50 billion in the corresponding period on the back of improved reservation charge under the second term of the Gas Processing Agreement with PETRONAS, coupled with higher selling prices from the Utilities segment. These negated the lower revenue received from lower tariffs for the Gas Transportation and Regasification segments under the Incentive-Based Regulation (IBR) effective 1 January 2019. 
 
Profit after tax (PAT) for the year was RM1.98 billion, 5% higher than the corresponding period at RM1.89 billion. This was mainly due to higher share of profit from joint ventures,
unrealised foreign exchange gains, and higher interest income from fund investments. 
 
Earnings per share (EPS) increased by 8%, reflecting higher profits attributable to shareholders of the Company.
 
Revenue for the quarter was RM1.37 billion, only slightly lower by 1% than the corresponding quarter (Q4 2018) at RM1.39 billion, as lower revenue from gas transportation and Pengerang LNG regasification terminal were mitigated by higher revenue from gas processing and Sungai Udang LNG regasification terminal. 
 
PAT for the quarter surged to RM493 million, 52% higher than the same quarter last year on higher share of profit of joint ventures attributable to to positive contribution from Kimanis Power Sdn Bhd, a 60% joint venture of the Group which had de-recognised deferred tax assets in the corresponding quarter in relation to time utilisation limit on certain tax benefits. This was supported by higher profit from Pengerang Gas Solutions Sdn Bhd, a 51% joint venture, following commencement of operations at the Group’s Air Separation Unit in Pengerang, Johor in the first quarter of the year. 
 
Against the preceding quarter (Q3 2019), revenue improved by 3% from RM1.34 billion and PAT grew by 11% from RM446 million recorded in Q3 2019, in tandem with higher gross profit following higher Utilities sales volume with the safe and timely completion of planned statutory turnaround at its Kertih Air Separation Unit, unrealised foreign exchange gains and higher interest income from fund investments.
 
 “Moving forward, we will intensify our efforts to become the solutions partner to our customers while sustaining good operational performance at all of our assets. Now that the IBR is into its first Regulatory Period (RP1), we expect stable operations and earnings from the regulated businesses for the next three years. 
 
“We are continuously pursuing growth opportunities, as seen by the introduction of ancillary services at our Pengerang LNG Regasification Terminal, with more services to also be introduced at Sungai Udang LNG Regasification Terminal in 2020. Moreover, PGB is also looking towards expanding our utilities business further, with the additional capacity coming from the new Nitrogen Generation Unit in Kertih in 2021,” Kamal Bahrin added.

About PETRONAS Gas Berhad
 
PGB was incorporated in 1983 as a wholly-owned subsidiary of PETRONAS and listed on the main market of Bursa Malaysia on 4 September 1995. The Company is 60.66% owned by PETRONAS, while the remaining shares are held by other institutional investors and retail shareholders.
 
It is Malaysia’s leading Gas Infrastructure and Utilities company with core businesses in Gas Processing, Gas Transmission and Regasification. The Company processes natural gas piped from offshore fields and transports the processed gas via the Peninsular Gas Utilisation (PGU) pipeline network to PETRONAS’ customers in Malaysia and Singapore.
 
In addition, the Group also supplies steam, power and industrial gases for its customers at Kerteh Integrated Petrochemical Complex in Terengganu and Gebeng Industrial Area in Pahang.

Issued by:
Corporate Affairs
PETRONAS Gas Berhad
 
SOURCE: PETRONAS Gas Berhad

FOR MORE INFORMATION, PLEASE CONTACT: 
Name: Nik Irwan Izanee Nik Abdullah
Tel: +60323925877
Email: irwaniz@petronas.com  

--BERNAMA