KUALA LUMPUR (Aug 25): Petronas Gas Bhd (KL:PETGAS) reported that its net profit dipped 2.3% in the second quarter from a year earlier as revenue fell and expenses rose, while flagging earnings pressure ahead.
Net profit for the second quarter ended June 30, 2025 (2QFY2025) was RM450.19 million, or 22.75 sen per share, Petronas Gas said in an exchange filing on Monday. Revenue in the quarter fell 3.5% year-on-year to RM1.59 billion.
A second interim dividend of 16 sen per share amounting to RM316.6 million was declared and payable on Sept 22. The ex-date is Sept 12.
On its outlook, the company warned that the recent restructuring of electricity tariffs, along with the expanded sales and service tax, are expected to “exert upward pressure on operating costs and [impact] profitability”.
Gross profit in the first quarter narrowed due to tighter margins recorded at the company's gas transportation business in line with lower revenue, coupled with expenses incurred for the gas supply restoration works following the Putra Heights pipeline explosion.
The incident in April destroyed dozens of homes, while the intense heat from the roaring flame melted scores of vehicles and 150 people suffered burns injury. More than 500 people were displaced from their homes.
The company said it had restored pipeline service to the northern sector in July while permanent replacement works are progressing as planned.
For the first six months of FY2025, net profit stood at RM918.98 million, marginally lower than RM925.64 million in the same period last year. Revenue slipped 2.5% year-on-year to RM3.18 billion.
Shares of Petronas Gas were relatively steady and paused for Monday's trading break at RM18.96, valuing the company at RM37.5 billion ahead of the results announcement.