Gas Malaysia declares 5.9 sen dividend as 2Q net profit jumps 72%

KUALA LUMPUR (Aug 18): Gas Malaysia Bhd registered a 72.19% jump in its net profit for the second quarter ended June 30, 2022 (2QFY22) to RM107.34 million from RM62.34 million a year ago on higher gross profit and finance income, lower finance cost and higher contributions from the group's joint venture companies.

As a result, earnings per share came in at 8.36 sen in 2QFY22, up from 4.86 sen in 2QFY21.

Revenue in 2QFY22 grew 29.22% to RM1.78 billion from RM1.38 billion on higher average natural gas selling price and higher firm capacity reservations by shippers for the utilisation of the Natural Gas Distribution System.

It declared a first interim dividend of 5.9 sen per share — on the 1.28 billion ordinary shares amounting to RM75.76 million — to be payable on Oct 28.

For the cumulative six months ended June 30, 2022, Gas Malaysia's net profit jumped 68.4% to RM198.66 million from RM117.97 million, while revenue climbed 40.87% to RM3.56 billion from RM2.53 billion.

Looking ahead, the group aims to deliver a satisfactory performance for FY22 as a whole.

"The group will continue to take prudent measures to maintain its operational efficiency, to remain competitive and seek opportunities to grow its business," it added.

Gas Malaysia shares closed at RM3.25 on Thursday (Aug 18), down two sen or 0.61%, translating into a market capitalisation of RM4.17 billion. The counter has risen 23.11% since the beginning of the year.