KUALA LUMPUR: Petronas Gas Bhd (PGB) is committed to creating secure high-impact projects by leveraging on its core competencies and exploring industry-adjacent opportunities.
This was revealed during the group’s 41st annual general meeting (AGM), where PGB reiterated its efforts of integrating sustainability into all decision-making processes, prioritising economic growth and sustainable development equally at all levels.
“PGB’s efforts in upholding strength, resilience and sustainability are anchored in its strategic agenda of pursuing growth while maintaining commercial project and operational excellence,” the group said in a statement released in conjunction with the meeting.
During the virtual session of the AGM, PGB Managing Director and Chief Executive Officer Abdul Aziz Othman highlighted the group’s strong 2023 financial performance with profit earnings increasing by 8.1% to RM1.9 billion compared to the previous year.
The positive results were attributed to continued operational excellence and robust margins from the utilities segment as well as higher contribution from joint venture companies.
“Backed by improved performance, the group declared a total dividend of 72 sen per share,” he said.
For PGB’s full financial year ended 31 December 2023 (FY23), the group reported a total revenue of RM6.45 billion, an increase of 4.6% from RM6.16 billion posted in FY22, which was mainly contributed by the increased revenue from the utilities segment on the back of higher product prices in tandem with elevated fuel gas price and higher electricity tariff.
By maintaining its successful performance and reliability across all its plants and facilities, the group was able to ensure steady earnings from long-term contracts under gas processing, gas transportation, regasification and utilities segments amidst challenging market conditions on the back of long-term agreements.
For the fourth quarter ended 31 December 2023 (Q4 FY23), the group’s revenue declined by 3.1% to RM1.58 billion compared to RM1.63 billion posted in Q4 FY22 due to lower revenue from utilities and regasification segments.
The lower utilities revenue was mainly due to lower product prices and customers’ offtake, while regasification revenue was lower.
“Despite the challenging business environment, PGB still managed to record a strong financial performance in FY23. As we move forward, we continue to explore opportunities for growth within the National Energy Transition Roadmap (NETR),” Abdul Aziz said.
He added that the group also initiated efforts to pursue a greener portfolio to support its target to achieve Net Zero Carbon Emissions by 2025.
