Gas Malaysia sees higher profit in 4Q20

by SHAHEERA AZNAM SHAH/ FILE PIX

Gas Malaysia Bhd’s net profit in its fourth quarter ended Dec 2020 (4Q20) rose 19.51% to RM69.23 million from RM57.93 million, largely contributed by the higher volume of natural gas sold coupled with the revenue cap adjustment recognised during the quarter.

Its revenue rose 8.38% to RM1.82 billion from RM1.68 recorded in a similar quarter in 2019. Its earning per share stood at 5.39 sen compared to 4.51 sen.

“The profit before zakat and taxation for Gas Malaysia’s 4Q20 was RM94.4 million, an increase of 38.4% as compared to RM68.2 million in the corresponding period last year.

“This was mainly due to higher gross profit in line with the higher volume of natural gas sold and the recognition of revenue cap adjustment in the current quarter, offset by higher overheads and depreciation being part of the cost of sales.

“The higher finance income and operating income also contributed to the increase in profit before zakat and taxation,” it told Bursa Malaysia on Friday.