Gas Malaysia Bhd posted a net profit of RM104.33 million in the fourth quarter ended Dec 31, 2023 (4QFY2023) from RM95.23 million a year ago on the back of a lower revenue of RM1.8 billion against RM2.22 billion the previous year.

KUALA LUMPUR (Feb 20): Gas Malaysia Bhd net profit rose 9.56% to RM104.33 million in the fourth quarter ended Dec 31, 2023 (4QFY2023) from RM95.23 million a year ago despite lower revenue, helped by lower tax expense in the quarter.

Earnings per share rose to 8.13 sen, from 7.42 sen, as the group booked tax expense of RM37.47 million, down from RM47.49 million in 4QFY2022.

The group posted dividends of 8.42 sen per share to be paid on April 3, bringing its full-year dividend to 14.14 sen per share — unchanged from last year.

Revenue fell 18.97% to RM1.8 billion from RM2.22 billion, on lower average natural gas selling prices offset by higher volume of natural gas sold and contributions from joint ventures in the quarter.

The latest quarterly results helped Gas Malaysia post full-FY2023 net profit of RM383.4 million or 29.86 sen per share, still down 1.58% from RM389.54 million or 30.34 sen in FY2022.

Full-year revenue came in at RM8.08 billion, up 5.62% from RM7.65 billion. Net profit margin however fell to 4.75%, from 5.1%.

“The group will continue to take prudent measures to maintain its operational efficiency to remain competitive and seek opportunities to grow its business,” Gas Malaysia said in its filing.

“With the measures in place, the board expects that the group will deliver a satisfactory performance for the financial year 2024 in tandem with the expected domestic economic growth,” it added, referring to Malaysia’s expected GDP growth of 4% to 5% forecast by Bank Negara Malaysia.

Gas Malaysia shares closed unchanged at RM3.38, giving the group a market capitalisation of RM4.34 billion. At its latest close, Gas Malaysia shares has dividend yield of 4.18%. The counter is up 5.3% this year.