KUALA LUMPUR, Feb 20 — Gas Malaysia Bhd’s net profit eased to RM383.40 million for the financial year ended Dec 31, 2023 (FY2023) from RM389.54 million in the previous year, mainly attributable to lower volume of natural gas sold, higher operating and administrative expenses as well as lower contributions from the group’s joint-venture companies.

However, it was partially offset by higher finance income in FY2023, the group said in a filing to Bursa Malaysia today.

Revenue for the year, however, rose to RM8.08 billion against RM7.65 billion previously, in line with the higher average natural gas selling price mitigated by the lower volume of natural gas sold during the year.

As for the fourth quarter, Gas Malaysia’s net profit increased to RM104.33 million from RM95.23 million, while revenue fell to RM1.80 billion from RM2.22 billion due to lower average natural gas selling price.

This was mitigated by a higher volume of natural gas sold during the current quarter, it added.

Moving forward, the group said it would continue to take prudent measures to maintain its operational efficiency to remain competitive and seek opportunities to grow its business.

"With the measures in place, the board expects that the group will deliver a satisfactory performance for the FY2024 in tandem with the expected domestic economic growth,” it added.

Gas Malaysia declared a second interim dividend of 8.42 sen per share amounting to RM108.1 million for FY2023, which is payable on April 3, 2024. — Bernama