KUALA LUMPUR: Gas Malaysia Bhd posted a higher net profit of RM115.99 million for the third quarter ended Sept 30, 2024, (3Q FY2024) compared to RM86.16 million in the same quarter last year.

The revenue grew by 17.3 per cent to RM2.13 billion from RM1.82 billion previously, driven by higher natural gas sales volumes, an increased average natural gas selling price, and a higher tolling fee, the company in a filing with Bursa Malaysia today.  

For the cumulative nine months (9M FY2024), Gas Malaysia's net profit rose to RM328.67 million from RM279.07 million a year ago.

However, revenue for 9M FY2024 fell 4.6 per cent to RM5.99 billion from RM6.28 billion previously.

This decline was attributed to a lower average natural gas selling price, partially offset by higher sales volumes and tolling fees during the period under review, it said.

On prospects, the company said it remained committed to implementing prudent measures to enhance operational efficiency, stay competitive, and pursue opportunities for business expansion.

"With these strategies in place, the board anticipates the group will achieve a satisfactory performance for the financial year 2024," it said.