KUALA LUMPUR: Petronas Gas Bhd's net profit rose 7.7 per cent to RM456.65 million in the first quarter (Q1) ended March 31, 2024 from RM424.18 million a year ago as lower input prices offset a decline in revenue.
The group revenue, meanwhile, fell 3.4 per cent to RM1.62 billion from RM1.68 billion last year.
Despite a decrease in its revenue, primarily due to lower revenue from the Utilities segment in line with decreased product prices, the group's Profit Before Tax (PBT) rose by 7.3 per cent to RM597.3 million.
This increase was driven by higher gross profit, partially offset by unfavorable foreign exchange movements and a lower contribution from joint venture companies.
The group declared an interim dividend of 16 sen per share, with entitlement date on June 14, 2024, and payable on June 27, 2024.
Managing director and chief executive officer Abdul Aziz Othman underscored the group's dedication to operational excellence and sustainable growth agenda, which he believes will continue to underpin the company's robust and healthy performance.
"Petronas Gas's strong performance in Q1 2024, despite increased business environment costs amidst elevated Malaysia Reference Price (MRP) and commodity prices, reflects our resilience.
"We anticipate maintaining robust and healthy performance while actively pursuing identified opportunities," said Abdul Aziz. Ends