Petronas Gas 2018 Profit Up 5%

Petronas Gas, a unit of Malaysian state-owned Petronas, February 18 said its net profit for the full year 2018 was ringgit 1.9bn ($470mn), up 5% year-on-year.

The company delivered record revenue of ringgit 5.5bn, an increase of 12.3% on year, driven by successful operations of LNG regasification terminal in Pengerang, Johor, it said. This was further supported by higher revenue from utilities segment.

For the three months to December 31 (4Q2018), its net profit fell by 33% to ringgit 342mn while revenue increased by 4.9% to ringgit 1.38bn.

On future outlook the company said that the Energy Commission has approved the tariffs for the gas transportation and regasification services for 2019.

“While the tariffs are expected to affect the group’s transportation and regasification business segment revenues in 2019, both segments are anticipated to continue contributing positively to the group’s earnings,” it said.

The gas processing segment is expected to deliver improved earnings pursuant to the higher fixed remuneration charge under the second term of the 20-year gas processing agreement effective from 2019 until 2023, Petronas Gas added.