KUALA LUMPUR: Gas Malaysia Bhd reported a significant increase in net profit, reaching RM115.99 million for the third quarter ended September 30, 2024, compared to RM86.16 million in the same quarter of the previous year. The notable rise in profit underscores the company’s robust performance over the period.

According to BERNAMA News Agency, the company’s revenue experienced a 17.3 percent growth, climbing to RM2.13 billion from RM1.82 billion in the previous year. This growth was primarily driven by higher volumes of natural gas sales, an increased average selling price of natural gas, and an uptick in the tolling fee. These factors collectively contributed to the improved financial results for Gas Malaysia Bhd.

For the cumulative nine-month period of FY2024, Gas Malaysia’s net profit rose to RM328.67 million, up from RM279.07 million in the previous year. However, there was a 4.6 percent decline in revenue for the same period, with figures dropping to RM5.99 billion from RM6.28 billion. This decline was
mainly due to a lower average natural gas selling price, although it was partially offset by higher sales volumes and tolling fees.

Looking ahead, the company emphasized its commitment to implementing prudent measures aimed at enhancing operational efficiency, maintaining competitiveness, and exploring opportunities for business expansion. The board expressed optimism about achieving a satisfactory performance for the financial year 2024 with these strategies in place.