KUALA LUMPUR (April 7): Petronas Gas Bhd (KL:PETGAS) said on Monday that it is still evaluating the financial and operational impact of the recent gas pipeline fire near Putra Heights, Selangor.
In a filing with Bursa Malaysia, the company said it is working with authorities to determine the cause of the gas pipeline fire, aiming to complete the investigation by May 2025.
“As part of the ongoing efforts, the company is currently assessing potential remediation measures, and is working closely with the relevant authorities to ensure a safe and efficient resumption of operations in the area,” Petronas Gas said.
The company added that its immediate priorities are to ensure the safety of the public and employees, assist those affected, and safeguard the continuity of gas supply.
“The company remains committed to resolving this matter with the highest priority, and will continue to provide updates and subsequent announcements as the situation evolves,” it said.
The explosion and fire on April 1, involving Petronas Gas’ main gas pipeline, affected 1,254 people from 308 families. The incident resulted in 87 houses being completely destroyed and 148 others needing repairs.
MIDF Research has estimated the potential financial impact on Petronas Gas at between RM18 million and RM25 million. The figure includes projected revenue loss (10%-15%) from the disrupted pipeline, repair costs (25%-30%), public compensation (25%-35%), and expenses tied to reputational management.
For the financial year ended Dec 31, 2024 (FY2024), Petronas Gas posted a marginal increase in net profit to RM1.84 billion, on the back of RM6.54 billion in revenue.
Shares in Petronas Gas fell sharply on Monday, though this was broadly attributed to regional market losses triggered by heightened global trade tensions.
The stock declined by 40 sen or 2.39% to RM16.32 as at market close on Monday, valuing the company at RM32.29 billion. The counter is down 7.69% since the start of the year.
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