KUALA LUMPUR, Feb 16 — Petronas Gas Bhd’s net profit for the financial year ended Dec 31, 2022 (FY2022), slipped to RM1.65 billion compared with RM1.99 billion recorded in the previous financial year.

Revenue, however, rose to RM6.16 billion from RM5.65 billion previously, the group said in a filing with Bursa Malaysia today.

It said the increase in total revenue was mainly driven by higher revenue from utilities segment, on the back of higher product prices, while the lower net profit was in tandem with lower gross profit, coupled with the impact of unfavourable foreign exchange movement and lower share of profit from joint-venture (JV) companies.

"These were cushioned by higher interest income from fund investments,” it said.

Reviewing its performance in FY2022, Petronas Gas said the Group maintained its world-class reliability performance across all its plants and facilities during the year.

For the fourth quarter (4Q) ended Dec 31, 2022, Petronas Gas’ net profit declined to RM412.55 million from RM452.63 million, while revenue rose to RM1.63 billion from RM1.50 billion previously.

The company has declared a fourth interim single tier dividend of 22 sen per ordinary share, with the ex-date on March 3, 2023 and payable on March 15, 2023. — Bernama