KUALA LUMPUR, Nov 27 — Petronas Gas Berhad (PGB or the Group) has posted a solid Profit After Tax (PAT) of RM1.50 billion for the first nine months of 2024 (9MFY2024), reflecting a 4.8 per cent increase compared to the RM1.44 billion recorded in the same period last year, driven by strong operational performance.

In a statement issued today, the company also announced a third interim dividend of 18 sen per share, maintaining the same rate as the previous quarter, underscoring its continued value delivery to shareholders.

For the first three quarters of 2024, PGB’s revenue reached RM4.92 billion, marking a 1.2 per cent rise from RM4.86 billion reported during the same period last year, said the statement.

It said the revenue increase was largely attributed to higher earnings from the Gas Processing segment, driven by elevated reservation charges under a new term agreement.

However, this growth was partially offset by lower revenue in the Utilities segment, due to a decrease in product prices.

"PGB’s effective maintenance programmes have ensured capacity availability across its plant operations, which contributed to higher PAT for 9MFY2024 compared to the same period last year,” the statement read.

"Additionally, improved margins in the Utilities segment, fuelled by lower fuel gas costs following a decline in the Malaysian Reference Price (MRP), further supported the Group’s financial performance.”

"PGB Group is expected to deliver strong financial performance in 2024, underpinned by the stable-earning contracts and sustained operational performance. The Group remains committed to optimising cost efficiencies to mitigate the impact of an inflationary cost environment,” said PGB managing director and CEO Abdul Aziz Othman.