Gas Malaysia’s net profit surges 42% in 2Q18

by TMR

Gas Malaysia Bhd’s net profit for the second quarter ended June 30, 2018 surged 42% year-on-year (YoY) to RM48.07 million on the back of higher volume of natural gas sold and higher natural gas tariff.

Revenue for the quarter increased 17.3% YoY to RM1.50 billion for the same reasons. The company declared a single-tier interim dividend of 4.50 sen per share to be paid on Sept 26, 2018.

“The board anticipates that the yearly increase in natural gas sale volume and number of customers will sustain for the financial year 2018,” it noted in an exchange filing yesterday.

“The profitability of the group for the financial year ending Dec 31, 2018 is expected to be in tandem with the level reflecting the prevailing tariff setting mechanism framework,” it added.

For the cumulative first half period, Gas Malaysia’s net profit increased 33% YoY to RM88.29 million, while revenue was up 19% YoY to RM2.94 billion.