KUALA LUMPUR: Petronas Gas Bhd’s net profit for the third quarter (Q3) decreased 13.64 per cent to RM431.59 million from RM499.81 million recorded in the same quarter a year ago, due to lower revenue and higher repair and maintenance costs.
Revenue for the quarter ended September 30, 2019 was lower at RM1.338 billion as compared with RM1.402 billion previously. It announced an interim dividend for the third quarter of 18 sen per share.
“We are focusing our effort to become the solutions partner to our customers while sustaining good operational performance at all of our assets. The Turnaround activities are to ensure assets integrity, while rejuvenation will extend the assets’ useful life for another 20 years,” PetGas managing director and chief executive officer Kamal Bahrin Ahmad said in a statement today.
PetGas’ current ancillary services consist of Gassing-Up-Cooling-Down (GUCD) for Liquefied Natural Gas (LNG) ships post-dry docking and LNG reloading.
“With the implementation of IMO (International Maritime Organisation) 2020, we also look forward to being the key bunkering solutions partner in the near future,” said Kamal Bahrin.
On the progress of gas market liberalisation in Malaysia, Kamal Bahrin said PetGas is very supportive of the government’s initiatives on third party access as it will help to ensure the security of supply to the nation and to drive energy and economic efficiency.
“These will encourage more investors to enter Malaysia to invest in gas-related industries, and Petronas Gas will benefit from this by offering utilities solutions to the new industries,” he said.
Earlier last month, PetGas witnessed the delivery of the inaugural third party LNG cargo under the Third Party Access system. The cargo was received by the company’s LNG Regasification Terminal in Sungai Udang and delivered to the customer via its Peninsular Gas Utilisation network.
For the nine months, PetGas’ net profit is lower at RM1.45 billion from RM1.49 billion recorded last year, while revenue stood at RM4.09 billion against RM4.11 billion previously.