Gas Malaysia's Q4 Profit Up 50%

Gas Malaysia has reported a near 50% jump in net profit during October-December 2017 to ringgit 77mn ($62mn) thanks to higher volumes and gas prices, it said February 15.

Company’s revenue for Q4 was ringgit 1.47bn compared with ringgit 1.05bn in the corresponding period in 2016, representing an increase of 40.1%.  

For the January-December period, net profit was ringgit 194.63mn, up almost 18% year on year while revenue for the full year was 5.34bn, up 32% year on year.

The company expects an increase in revenue and net profit for 2018 as well but did not given any profit forecast. “The growth in revenue for the financial year ended 31 December 2017 was primarily driven by the increase in volume of gas sold and revisions in gas tariff. The Board anticipates that the yearly increase in gas sales volume and number of customers will sustain for the financial year 2018. The profitability of the Group for the financial year ending 31 December 2018 is expected to be in tandem with the level reflecting the prevailing tariff setting mechanism framework,” Gas Malaysia said.

Gas Malaysia supplies natural gas and LPG to homes, commercial businesses and industries in Malaysia. Apart from the general public, its shareholders include MMC Corporation, Tokyo Gas, and Petronas Gas.