PETALING JAYA: Petronas Gas Bhd (PetGas) has posted a net profit of RM468.46 million for the financial quarter ended Sept 30, 2023 (Q3 FY2023), a 10% year-on-year (y-o-y) increase on the back of lower tax expenses.
In its local bourse filing today, PetGas said its tax expense was higher last year due to the imposition of the one-off prosperity tax following the outbreak of Covid-19.
With the absence of the prosperity tax in FY2023, PetGas’s tax expense fell 32% y-o-y or RM48.65 million in Q3 FY2023.
Meanwhile, PetGas’s revenue for the quarter dipped 1% to RM1.55 billion from RM1.56 billion due to lower revenue from its regasification and gas transportation segments.
For the nine-month period ended Sept 30, 2023 (M9 FY2023), PetGas’s net profit rose 12% y-o-y to RM1.38 billion while revenue climbed 7% y-o-y to RM4.86 billion.
PetGas said the rise in revenue followed higher contributions from the utilities segment as well as upward revision of imbalance cost pass-through surcharge and improved terms in contract renewals.
The group has approved a third interim dividend of 18 sen per ordinary share amounting to RM356.2 million in respect to FY2023.
Moving forward, PetGas expects to deliver strong financial performance for FY2023, underpinned by the stable-earning contracts and excellent operational performance.
“Amid higher operating cost environment post-pandemic, PetGas will continue to strive for operational excellence as well as strike the right balance between growth investments, financial prudence and shareholders’ distribution,” it said.
At market close, PetGas’s share price closed four sen higher (0.23%) at RM17.18 with a market capitalisation of RM33.99 billion.