KUALA LUMPUR: Petronas Gas Bhd’s net profit for the financial year ended Dec 31, 2019 (FY 2019) rose to RM1.93 bil from RM1.79 bil in 2018.

Revenue, however, was slightly lower at RM5.45 bil from RM5.49 bil previously due to the lower revenue from gas transportation and the Pengerang liquefied natural gas (LNG) regasification terminal following the implementation of the Incentive-Based Regulation.

However, this was offset by higher revenue from the gas processing and utilities segments arising from improved reservation charge under the second term of the Gas Processing Agreement and higher selling prices, it said in a filing with Bursa Malaysia today.

On the fourth quarter (Q4) results, Petronas Gas said its net profit rose to RM485.27 mil compared with RM300.59 mil in 4Q418.

Revenue for the quarter fell to RM1.37 bil from RM1.38 bil previously, driven by lower revenue from the gas transportation segment and the Pengerang LNG regasification terminal.

The company has approved a fourth interim dividend of 22 sen per ordinary share amounting to RM435.3 mil and a special interim dividend of 10 sen per ordinary share amounting to RM197.9 mil.

On prospects, it said that its gas processing segment is expected to remain stable on the back of a strong and sustainable income stream under the second term of the Gas Processing Agreement, effective from 2019 until 2023. – Feb 18, 2020, Bernama

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