KUALA LUMPUR, May 25 (Bernama) -- PETRONAS Gas Berhad (PGB or the Group) closes the first quarter of 2021 with Profit After Tax of RM540 million, 55% higher than the same quarter last year. The significantly stronger performance was delivered on the back of stable revenue streams and lower operating costs across all business segments.
 
The essential business of processing and delivering gas throughout the nation has allowed PGB to maintain its operations even during several stages of Movement Control Order announced across Malaysia. The Group’s Q1 revenue stood at RM1.34 billion, 4% lower than the same quarter last year mainly due to lower revenue from the Utilities segment following downward fuel gas pricing affecting sales prices to customers. Nevertheless, Group Gross Profit improved by 17% to RM712 million, reflecting PGB’s commitment to operating at high efficiency with optimised costs.
 
PGB announced an interim dividend of 16 sen per share for Q1 FY2021, similar to dividend announced for Q1 FY2020. The dividend announcement highlights the Group’s resilience in sustaining its performance amidst challenging health and economic conditions.
 
Commenting on the Group’s performance, Managing Director and Chief Executive Officer Abdul Aziz Othman said, “PGB Group’s performance in 2021 is expected to remain resilient despite the ongoing pandemic as the Group’s business model and long-term contracts ensures steady revenue streams. We continue to operate our facilities safely and efficiently, while gradually enhancing our performance by leveraging on technology.”
 
PGB recently launched its pilot Remote Operations Centre (ROC), which is able to monitor the Group’s Utilities operations at both Kertih, Terengganu and Gebeng, Pahang. The ROC, which is located in Kertih, has facilitated a consolidated view of the Group’s Utilities operations in real-time. The ROC concept is envisioned to be scaled up and replicated across other businesses within PGB, benefiting the Group in the long run.  
 
On the longer-term direction of the company, “PGB is actively pursuing a number of opportunities that leverage on our intrinsic knowledge and capabilities. The recently sanctioned projects mark the first steps in realising our growth agenda”, Aziz added.
 
PGB announced two pipeline projects that will enhance the reliability of the Group’s current delivery and open the opportunities for the future. The projects consist of new 42km lateral gas pipeline project from Puchong to Pulau Indah, Selangor and debottlenecking the pipeline capacity to meet increasing gas demand in southern of Peninsular Malaysia. These projects will be undertaken by PGB’s Gas Transportation business, which is regulated under the Incentive-Based Regulation (“IBR”) framework.
 
 
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 51% 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 Kertih Integrated Petrochemical Complex in Terengganu and Gebeng Industrial Area in Pahang.
 
 
Issued by:
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