PetGas records lower earnings in FY21

KUALA LUMPUR, Feb 22  -- Petronas Gas Bhd’s (PetGas) net profit eased slightly to RM1.99 billion in the financial year ended Dec 31, 2021 (FY21) from RM2.0 billion in FY20.

Revenue, however, increased slightly to RM5.65 billion from RM5.59 billion year-on-year, mainly due to the higher revenue from the utilities segment amidst higher contribution from steam sales to new customers.

“The regasification segment also contributed to the higher revenue for the year as a result of a new revenue stream from liquefied natural gas (LNG) ancillary services,” the group said in a filing with Bursa Malaysia today.

As such, PetGas’ board of directors has approved a fourth interim dividend payout of 22 sen per ordinary share amounting to RM435.3 million, and a special interim dividend of 10 sen per ordinary share totalling RM197.9 million in respect of FY21’s performance. 

The group said its LNG regasification terminals in Sg Udang, Melaka (RGTSU) and Pengerang, Johor (RGTP) sustained their strong reliability performance at close to 100 per cent during the year.

It noted that the regasification segment revenue registered a slight growth of 1.0 per cent or RM13.5 million with the introduction of new revenue streams from LNG reloading at RGTSU and truck loading at RGTP in FY21.

Meanwhile, the group’s utilities plants achieved 100 per cent product delivery reliability for steam, electricity and industrial gases during the year.

The segment revenue grew by 2.8 per cent or RM36.9 million on the back of higher sales volumes from new customers amidst lower product prices.

PetGas said its total assets was higher by 4.6 per cent at RM19.2 billion following higher cash and cash equivalents, and trade and other receivables.

Moving forward, the group said it expects to remain resilient in 2022 despite the ongoing pandemic as its business model and long-term contracts ensure steady revenue streams, particularly for gas processing, gas transportation and regasification business segments.

-- BERNAMA