Gas Malaysia 2Q net profit surges 72%, declares 5.9 sen dividend
KUALA LUMPUR: Gas Malaysia Bhd, which posted a 72.2% jump in net profit to RM107.3mil in the second quarter ended June 30, will continue to take prudent measures to maintain its operational efficiency, to remain competitive, and seek opportunities to grow its business.
Malaysia’s economy is expected to continue to be resilient in 2022, supported by improving domestic demand as economic activity continued to normalise with the easing of containment measures.
“The board expects that the group will deliver a satisfactory performance for the financial year 2022 in tandem with the expected economic growth,” the natural gas distribution company said in the notes accompanying its financial results.
Gas Malaysia’s revenue in the second quarter rose 29.2% to RM1.77bil from RM1.36bil a year ago, in line with the higher average natural gas selling price, in tandem with the global market price, mitigated by the lower volume of natural gas sold during the current quarter.,
“Further increase in revenue was also due to higher firm capacity reservations by shippers for the utilisation of the natural gas distribution system (NGDS) in the current quarter,” it said.
Its earnings per share (EPS) in the second quarter rose to 8.36 sen versus 4.86 sen a year earlier.
Gas Malaysia has declared a first interim dividend of 5.9 sen per share, amounting to RM75.76mil.
The dividend will be paid on Oct 28. The entitlement to the dividend will be determined on the basis of the Record of Depositors of the company as at Oct 7.
In the first six months to June 30, Gas Malaysia posted a net profit of RM198.66mil, or EPS of 15.47 sen, up 68.4% from RM117.9mil, or 9.19 sen EPS. Revenue for the period rose 40.9% to RM3.56bil against RM2.53bil previously.