Kuala Lumpur: Petronas Gas Bhd (PGB) recorded a higher net profit of RM1.84 billion in the financial year ended Dec 31, 2024 (FY2024) compared to RM1.82 billion in the same period a year earlier.

According to BERNAMA News Agency, in a Bursa Malaysia filing today, the group said revenue also increased by 1.4 per cent, or RM92.8 million, to RM6.54 billion in FY2024 from RM6.45 billion previously, driven by higher revenue from gas processing following higher reservation charges income under the new term. However, this was offset by lower revenue from the utilities segment mainly due to lower product prices.

Net profit in the fourth quarter (4Q) FY2024 fell to RM417.03 million from RM441.59 million in the previous corresponding quarter. PGB stated that the lower net profit was in tandem with lower gross profit and the impact of a lower share of profit from joint venture companies.

Revenue, however, increased to RM1.62 billion in 4Q FY2024 from RM1.58 billion previously, mainly attributed to the gas processing segment due to higher reservation charges income under the new term and the gas transportation segment following an upward tariff adjustment.

Meanwhile, PGB announced a fourth interim dividend of 22 sen per ordinary share, amounting to RM435.3 million for FY2024, with the payment date on March 20, 2025.

PGB managing director and chief executive officer Abdul Aziz Othman expressed optimism for 2025, stating that the group is expected to deliver a healthy financial performance on the back of continued solid operational performance. While operating costs are projected to rise, including costs associated with newly completed assets, PGB remains 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.