KUALA LUMPUR (May 18): Gas Malaysia Bhd’s net profit grew 4.2% for its first quarter ended March 31, 2023 (1QFY2023) to RM95.1 million from RM91.32 million a year ago, although its quarterly revenue climbed to a record high.
The natural gas distribution firm’s revenue soared 36.75% in 1QFY2023 to RM2.44 billion versus RM1.78 billion a year ago. It attributed the strong revenue growth to higher average natural gas selling price in tandem with global market price.
However, it noted that there was a lower volume of natural gas sold in the quarter under review. This explains the single-digit profit growth.
Besides higher revenue, Gas Malaysia’s recorded higher finance income of RM4.95 million from RM1.55 million in the corresponding period last year.
Earnings per share grew to 7.41 sen from 7.11 sen a year earlier.
Based on its balance sheet as at March 31, its trade and other receivables gained 10.39% to RM910.45 million from RM824.77 million at end-2022.
Moving forward, Gas Malaysia expressed optimism on delivering a satisfactory performance for the financial year 2023 on the basis of expected domestic economic growth.
Nonetheless, in light of inflationary pressures, the group said it will continue to take prudent measures to maintain its operational efficiency to remain competitive and seek opportunities to grow its business.
The share price of Gas Malaysia fell one sen to RM3.20, valuing the group at RM4.11 billion.
Source: TheEdge - 19 May 2023
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