In an exchange filing today, the natural gas distributor said the earnings contribution was due to higher share of results in joint ventures companies.

KUALA LUMPUR: Gas Malaysia Bhd’s net profit rose 5.39 per cent to RM190.11 million in the year ended December 31, 2019 (FY19) from RM180.39 million a year ago.

In an exchange filing today, the natural gas distributor said the earnings contribution was due to higher share of results in joint ventures companies.

Its FY19 revenue increased 10.6 per cent to RM6.89 billion from RM6.23 billion previously on the back of higher natural gas tariff and higher volume of natural gas sold.

Gas Malaysia’s net profit in the fourth-quarter (Q4) ending December 31, 2019 rose 13.4 per cent to RM57.93 million from RM51.08 million.

Group revenue decreased 3.4 per cent RM1.68 billion from RM1.74 billion recorded in the same period previously.

Gas Malaysia expects the yearly increase in natural gas sale volume and number of customers to sustain this year.

“The profitability of the group for FY20 is expected to be in tandem with the level reflecting the prevailing tariff setting mechanism framework.”

The company declared a second interim dividend of 4.8 sen per share amounting to RM61.63 million in respect for FY19, payable on March 31.