KUALA LUMPUR: Petronas Gas Bhd's (PGB) net profit eased slightly to RM468.99 million in the second quarter ended June 30, 2024 (2Q 2024) from RM485.37 million a year earlier.

In a filing with Bursa Malaysia today, PGB said lower profit for the quarter was due to higher operating expenses, mainly from depreciation expense and maintenance costs following higher completion of projects and activities performed, coupled with inflationary impact.

The company said that the 2Q revenue was marginally higher at RM1.65 billion against RM1.64 billion previously, with higher revenue from gas processing following higher reservation charges income under the new term and higher revenue from gas transportation due to upward tariff adjustment.

"(However), this was partially offset by lower revenue from utilities segment in line with lower product prices," it added.

For the first half of 2024, PGB recorded a net profit of RM925.64 million against RM909.55 million year-on-year, supported by reduced operating costs from lower fuel gas and internal gas consumption expenses.

Its revenue amounted to RM3.27 billion, reflecting a slight decrease of 1.4 per cent or RM45.4 million from RM3.31 billion in the previous year, mainly due to lower earnings in the utilities segment, driven by reduced product prices despite higher sales volumes.

"However, the impact was offset by increased revenue from gas processing, which benefited from higher reservation charges under new terms, as well as higher tariffs in gas transportation," it said.

PGB has declared a second interim dividend of 16.0 sen per share, consistent with the previous quarter, reflecting its commitment to providing value to shareholders.

- BERNAMA

TAGS: Petronas Gas, 2Q 2024, Results, Tariff, Gas transportation