KUALA LUMPUR (May 14): Gas Malaysia Bhd (KL:GASMSIA) said it may incur more costs in the near term in its pursuit of new business segments, as it reported its sixth straight quarter of lower profits.

Initiatives under an ongoing 10-year business plan may entail additional near-term commitments, though the natural gas distributor said in an exchange filing that it will continue to focus on cost and operational resilience amid prevailing uncertainties.

“In navigating the current operating environment, the group will prioritise operational efficiency and strengthen its competitive positioning,” Gas Malaysia said.

The utilities company kicked off its first quarter ended March 31, 2026 (1QFY2026) with a net profit of RM92.84 million, down 7% from RM100.14 million a year earlier. Revenue for the quarter declined by 13.3% year-on-year to RM1.59 billion from RM1.84 billion.

Gas Malaysia blamed the weaker performance mainly on lower average natural gas selling price, although this was partly offset by higher volume sold. The company also recorded lower contributions from its joint venture companies, alongside higher administrative and finance costs.

No dividend was declared for the quarter under review.

Gas Malaysia is evaluating and may pursue select opportunities to support sustainable growth over the medium to long term under its 10-year business plan unveiled in 2023.

Among others, Gas Malaysia is expanding into new energy solutions such as biomethane while diversifying into chemicals and advanced materials, and exploring geographical expansion.

Shares of Gas Malaysia ended Thursday up four sen or 0.74% at RM5.44, valuing the group at a little under RM7 billion ahead of the results announcement.