Petronas Gas’ Q3 net profit jumps to RM499.81m

KUALA LUMPUR: Petronas Gas Bhd’s net profit in the third quarter (Q3) ended Sept 30, 2018 rose to RM499.81 million from RM417.43 million recorded in the same quarter last year.

Revenue jumped to RM1.40 billion from RM1.16 billion chalked up in the corresponding quarter, it said in a filing with Bursa Malaysia.

Top-line performance grew by 20.5 per cent or RM238.6 million, mainly contributed by the group’s new liquefied natural gas (LNG) regasification terminal in Pengerang, Johor, which commenced commercial operations in November 2017.

This was further supported by higher revenue from all segments.

With the Energy Commission confirming that current tariffs for the group’s gas transportation and regasification services would be maintained until end-2018, Petronas Gas said its performance was therefore expected to remain stable on the back of strong and sustainable income streams from existing gas processing agreement, gas transportation agreements and regasification service agreement signed (with Petronas).

“The group’s results will benefit from full year contribution from the new LNG Regasification Terminal in Pengerang.

“We are awaiting approval from the Energy Commission for the 2019 tariffs for gas transportation and regasification services which is expected to be announced by year-end,” it added.

The board approved a third interim dividend of 18 sen, per ordinary share, amounting toRM356.2 million, in respect of the financial year ending Dec 31, 2018, which would be paid to shareholders on Dec 27, 2018.

Source: NST