KUALA LUMPUR (Feb 16): Petronas Gas Bhd's (PetGas) net profit for the fourth quarter ended Dec 31, 2022 (4QFY2022) fell 8.86% to RM412.55 million, from RM452.63 million a year ago, dragged by higher operating expenses relating to fuel gas and internal gas consumption expenses.
Quarterly earnings per share slipped to 20.85 sen, from 22.87 sen for 4QFY2021. Also contributing to the lower profit was a lower share of profit from joint-venture companies, PetGas said, although foreign exchange and fund investments gains provided some offset.
The weaker profit for the quarter was despite a 9.08% increase in revenue to RM1.63 billion from RM1.5 billion, mainly from the utilities segment, as a result of higher product prices due to higher fuel gas prices, it said.
PetGas declared a dividend of 22 sen per share for the quarter, down 10 sen from 32 sen per share for 4QFY2021. Subsequently, its full-year dividend came in at 72 sen per share, from 82 sen last year.
For FY2022, higher fuel gas and internal gas consumption expenses similarly contributed to a 17.27% decline in net profit to RM1.56 billion, from RM1.99 billion the year before.
The group cited “a challenging external environment on the back of increasing fuel gas prices and unfavourable foreign exchange movement”.
Full-year revenue rose 9.1% to RM6.16 billion, from RM5.65 billion, again supported by the utilities segment, although the segment’s operating profit was hardest hit due to the commodity price surge.
PetGas also operates gas processing, transportation, and regasification businesses.
On prospects, it sees lower revenue from the gas transportation and regasification segments, due to the new tariffs under the Regulatory Period 2 (2023-2025).
Meanwhile, it said, the utilities segment will benefit from the imbalance cost pass-through surcharge adjustment to electricity tariffs in the first half of 2023.
“The overall group performance for 2023 is expected to remain robust, while the volatility in foreign exchange and gas price movement may also have an impact on the group's results,” it added.
Shares in PetGas fell 24 sen or 1.35% to RM17.50, giving the company a market capitalisation of RM34.63 billion.
Source: TheEdge - 17 Feb 2023
Chart | Stock Name | Last | Change | Volume |
---|
Created by edgeinvest | Mar 28, 2024
Created by edgeinvest | Mar 28, 2024
Created by edgeinvest | Mar 28, 2024
Created by edgeinvest | Mar 28, 2024
Created by edgeinvest | Mar 28, 2024
Created by edgeinvest | Mar 28, 2024
Created by edgeinvest | Mar 28, 2024