Gas Malaysia declares 8.62 sen final dividend for FY2022

KUALA LUMPUR (March 21): Gas Malaysia Bhd has declared a final dividend of 8.62 sen per share for its financial year ended Dec 31, 2022 (FY2022).

The dividend, amounting to RM110.68 million, will be payable on June 15, according to the natural gas distributor’s Bursa Malaysia filing on Tuesday (March 21). Its ex-date falls on May 31.

This raises the group’s total payout for FY2022 to 22.76 sen per share or RM292.24 million, from 17.67 sen per share or RM226.88 million for FY2021.

Gas Malaysia’s net profit for FY2022 surged 56.05% to RM389.54 million from RM249.62 million a year ago, driven by higher revenue, finance income and contribution from joint venture companies, but partially offset by higher administrative expenses.

Boosted by higher average natural gas selling price, Gas Malaysia’s cumulative revenue surged 30.72% to RM7.65 billion from RM5.85 billion previously, but mitigated by lower volume of natural gas sold.

Cognisant of the multitude of headwinds looming ahead — including inflationary pressures, rising labour costs, interest rate movement, and project global economic slowdown — Gas Malaysia said it will continue to take prudent measures to maintain operational efficiency to remain competitive and seek opportunities to grow its business.

With the prudent measures in place, the group said it expects to deliver a satisfactory performance for FY2023 in line with expected domestic economic growth — in the range of 4% to 5%.

Shares in Gas Malaysia finished five sen or 1.64% higher at RM3.10, giving the group a market capitalisation of RM3.98 billion.