KUALA LUMPUR (Feb 21): Petronas Gas Bhd (KL:PETGAS) said on Friday its net profit slipped in the final quarter of 2024, as expenses rose from maintenance of its pipeline and regasification terminals while gas cost rose.

Net profit for the three months ended Dec 31, 2024 (4QFY2024) was RM417.03 million, down 5.6% from RM441.59 million in the same period a year earlier, Petronas Gas said in an exchange filing. Revenue for the quarter however was up 3% year-on-year to RM1.62 billion, thanks to higher tariffs.

The company expects a “healthy” performance in 2025, with all segments expected to remain competitive, underpinned by stable-earning contracts and sustained operations.

“While operating costs are projected to rise, including costs associated with newly completed assets, the group is committed to optimising cost and operational efficiencies to mitigate the impact,” Petronas Gas said.

A fourth interim dividend of 22 sen per share was declared, involving payout of RM435.3 million, bringing total distribution for the year to 72 sen per share, same as the amount it paid in FY2023.

In a statement, Petronas Gas managing director and chief executive officer Abdul Aziz Othman said the group is expected to deliver a healthy financial performance for 2025, on the back of continued solid operational performance. 

While operating costs are projected to rise, including costs associated with newly completed assets, the company is committed to optimising cost efficiencies to mitigate the impact, he said. “Additionally, the group will continue to prioritise sustainable growth initiatives, and strive to maximise returns for shareholders.” 

For the full financial year, Petronas Gas’ net profit inched up 0.92% to RM1.84 billion from RM1.82 billion in FY2023, as revenue rose 1.44% to RM6.54 billion from RM6.45 billion primarily attributed to higher revenue from the gas processing segment. 

As of 2.47pm on Friday, Petronas Gas’ share price had fallen 14 sen or 0.80% to RM17.36, giving it a market capitalisation of RM34.63 billion.