KUALA LUMPUR (March 17): Gas Malaysia Bhd (KL:GASMSIA) has appointed MMC Corp Bhd group chief executive officer Datuk Mohd Nazrul Izam Mansor and Petroliam Nasional Bhd (PETRONAS) veteran Datuk Md Shah Mahmood to its board of directors.

In a bourse filing Tuesday, Gas Malaysia said the appointment of Mohd Nazrul, 50,and Md Shah, 56, as non-independent and non-executive directors will take immediate effect.

The appointments come after the departure of Kamal Bahrin Ahmad, 62, Shahrul Azham Sukaiman, 46, and Tan Sri Che Khalid Mohamad Noh, 61, from the same post last month.

Kamal and Che Khalid resigned "to pursue other interests", the group’s bourse filings showed, while Shahrul Azham stepped down after less than a month on the job due to the cessation of his role as alternate director following the resignation of the principal director.

Mohd Nazrul was also recently appointed as a non-independent and non-executive director at Malakoff Corp Bhd (KL:MALAKOF), in which MMC Corp is the largest shareholder with a 38.45% stake as at Feb 17, 2025.

He served as group CEO of FGV Holdings Bhd from 2021 until 2024, before the plantation group was taken private by the Federal Land Development Authority in 2025. Prior to that, he was group CEO of Felcra Bhd from 2018 to 2021, overseeing agribusiness and plantation projects.

Md Shah brings over 32 years of experience with PETRONAS. Previously group CEO of KLCC Bhd, as well as CEO of KLCC Property Holdings Bhd and KLCC Reit Management Sdn Bhd, he is now CEO of PETRONAS Refinery & Petrochemical Corp (PRPC) Sdn Bhd, according to Gas Malaysia.

Gas Malaysia posted a 13.5% drop in net profit to RM381.7 million in the financial year ended Dec 31, 2025 (FY2025), from RM441.39 million in FY2024, as revenue reversed 8.8% to RM7.34 billion from RM8.04 billion.

This came after the group reported a 22.5% decline in its fourth-quarter net profit to RM87.36 million from a year earlier, mainly due to lower average natural gas contribution margin and higher operational costs. Revenue dropped 11.7% to RM1.81 billion from RM2.06 billion amid lower average natural gas selling prices and reduced sales volume.

Gas Malaysia’s share price dipped 1.69% or nine sen to close at RM5.25 on Tuesday, giving the group a market capitalisation of RM6.74 billion.