Friday 21/02/2025

KUALA LUMPUR, Feb 21 (Bernama) -- PETRONAS Gas Berhad (PGB or the Group) recorded a higher Profit After Tax (PAT) of RM1.92 billion for the financial year ended 31 December 2024 (FY2024), marking a 1.2% increase from RM1.90 billion in the previous year. This was driven by solid operational performance, disciplined cost management and effective risk mitigation across the Group’s business segments.

PGB also declared a fourth interim dividend of 22 sen per share, similar to the corresponding quarter in financial year 2023, underscoring our commitment to delivering long-term value to shareholders.

For FY2024, the Group’s revenue rose to RM6.54 billion, a 1.4% increase from RM6.45 billion in FY2023. The growth was primarily attributed to higher revenue from the Gas Processing segment, supported by increased reservation charge income under the new term. However, this was partially offset by lower revenue from the Utilities segment, which was mainly impacted by weaker product prices.

Profit Before Tax (PBT) declined by 1.1%, primarily due to a lower share of profit from joint venture (JV) companies. However, PGB effectively mitigated this impact through strategic risk management, including the early settlement of USD lease liabilities for LNG Regasification Terminal Sg.Udang (RGTSU), which reduced financing costs. Additionally, favorable foreign exchange movements from the strengthening of the MYR against USD lease liabilities further cushioned the decline.

PGB’s strong financial performance was further reinforced by sustained operational efficiency and proactive maintenance programs, ensuring high asset reliability across our portfolio. Additionally, a one-off Investment Tax Allowance (ITA) recognition for the year of assessment 2024 contributed to lower tax expense, further supporting PAT growth.

Abdul Aziz Othman, Managing Director and CEO commented, “PGB Group is expected to deliver healthy financial performance for 2025 on the back of continued solid operational performance.”

He added, while operating costs are projected to rise, including costs associated with newly completed assets, the Group is committed to optimising cost efficiencies to mitigate the impact. Additionally, the Group will continue to prioritise sustainable growth initiatives and strive to maximise returns for shareholders.

About PETRONAS Gas Berhad

PETRONAS Gas Berhad (PGB) is the leading gas infrastructure and utilities company with PETRONAS Group holding 51% of its equity. Incorporated in 1983 and listed on the Main Board of Bursa Malaysia on 4 September 1995, PGB operates four integrated businesses, which are gas processing, transportation, regasification and utilities.

Our strategically located assets and strong operational performance ensures safe and reliable supply of products and services throughout Malaysia and Singapore. With over 30 years of experience in gas and utilities infrastructure operations, PGB steps up to pursue growth opportunities in domestic and emerging market as part of our integrated gas solutions.

PGB is a constituent company member of FTSE4Good Index Series, showing the Company's commitment to operate in a responsible manner in the environmental, social and governance (ESG) fronts.

Further details on PGB can be found at www.petronas.com/pgb

SOURCE: PETRONAS Gas Berhad

FOR MORE INFORMATION, PLEASE CONTACT:
Name: Faris Fahmi
Tel: +6012 7717 857
Email: faris.mohd@petronas.com

--BERNAMA