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PetGas net profit increases to RM547.09 mln in 2Q20

KUALA LUMPUR, Aug 19 -- Petronas Gas Bhd’s (PetGas) net profit increased to RM547.09 million in the second quarter ended June 30, 2020 (2Q20) from RM502.89 million in the same period a year earlier. 

Revenue improved by 1.4 per cent or RM19.6 million to RM1.39 billion from RM1.38 billion year-on-year, mainly due to higher revenue from the regasification segment in line with new tariffs for Regulatory Period 1 (RP1), effective Jan 1, 2020, but offset by lower revenue from the utilities segment as a result of lower electricity sales volume.

In a filing with Bursa Malaysia, the company said its basic earnings per share stood at 27.65 sen from 25.42 sen.

“As announced by the group on Dec 20, 2019, the Energy Commission has approved the Incentive-based Regulation tariffs for the RP1 for the gas transportation and regasification services from Jan 1, 2020 to Dec 31, 2022.

“The group’s transportation and regasification business segment is anticipated to continue contributing positively to the group’s earnings under the RP1 tariffs,” it said.

PetGas said the group’s gas processing segment is expected to remain stable on the back of its strong and sustainable income stream under the second term of the 20-year Gas Processing Agreement from 2019 until 2023.

The group’s Utilities segment contribution will be driven by customer demand, underpinned by economic conditions.

“The COVID-19 pandemic is not expected to significantly impact the group’s overall earnings as its business model and long-term contracts ensure steady revenue streams, particularly for the gas processing, gas transportation and regasification business segments,” it said.

-- BERNAMA

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