KUALA LUMPUR: Petronas Gas Bhd’s (PetGas) net profit fell four per cent to RM450.19 million in the second quarter ended June 30, 2025, from RM468.99 million a year ago, in line with lower gross profit negated by favourable foreign exchange movement during the quarter.
In a filing to Bursa Malaysia, the group said its gross profit declined by 4.6 per cent due to tighter margins recorded at gas transportation segment in line with lower revenue coupled with cost incurred for the gas supply restoration works following Putra Heights fire incident in April.
“This was cushioned by lower fuel gas cost in utilities segment in tandem with lower fuel gas price,” it said.
Quarterly revenue declined 3.6 per cent to RM1.59 billion from RM1.65 billion, dragged by lower revenue from the utilities segment in line with lower product prices and the gas transportation segment following downward tariff adjustment.
The company declared a second interim dividend of 16 sen per share, totalling RM316.6 million, for the financial year ending Dec 31, 2025, payable on Sept 22.
For the first half of financial year 2025 (1H25), PetGas’ net profit fell 0.7 per cent to RM918.98 million from RM925.64 million a year ago, while revenue declined 2.8 per cent to RM3.18 billion from RM3.27 billion previously.
PetGas said revenue from its gas processing segment fell 0.7 per cent in 1H25 from a year earlier, as lower internal gas consumption (IGC) savings resulted in reduced related incentives.
Revenue from the gas transportation segment declined 5.2 per cent, reflecting a downward tariff adjustment mainly due to the sharing factor from the prior year’s lower IGC.
The regasification segment also recorded a 0.7 per cent drop in revenue, following a downward tariff adjustment.
Meanwhile, revenue from the utilities segment decreased 3.7 per cent, largely due to lower product prices for steam and industrial gases in line with softer fuel gas prices.
On prospects, the group said its performance outlook for 2025 is expected to remain healthy, reflecting continued resilience and operational strength.
“Nonetheless, the recent restructuring of electricity tariffs, along with the expanded scope of the Sales and Service Tax, are expected to exert upward pressure on operating costs and hence impacting profitability.
“Despite these developments, PetGas remains focused on disciplined cost management and long-term strategic growth to safeguard business continuity and sustainability,” it added.
PetGas said it continues to strive for operational excellence to ensure safe and uninterrupted gas supply nationwide.
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