PETRONAS Gas Berhad (6033) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was MYR 1.594 billion (RM1,594.5 million), down 1.5% year-over-year due to lower gas transportation and regasification revenue from tariff adjustments.

• Profit after tax increased 4.2% to MYR 492 million (RM492.1 million), driven by higher joint venture contributions despite lower revenue.

• The Putra Heights pipeline fire incident is estimated to have a MYR 170 million (RM170 million) financial impact, with MYR 60 million affecting 2025 profit and partial insurance recovery expected.

• Board approved a first interim dividend of MYR 0.16 per share (16 sen), totaling MYR 316.6 million for FY2025.

• Ongoing expansion includes LNG-driven air separation unit in Pengerang and a 120 MW power plant in Labuan.

Financial highlights

• Revenue: MYR 1.594 billion (RM1,594.5 million), down 1.5% year-over-year.

• Gross profit: Down 4.2% to RM575.7 million due to tighter margins in gas transportation and regasification.

• Profit for the quarter: Up 4.2% to MYR 492 million (RM492.1 million), reflecting higher JV contributions.

• EBITDA: MYR 852.1 million, up 0.3% year-over-year.

• EPS: Increased by 2.6% year-over-year to 23.69 sen.

Outlook and guidance

• Restoration of Putra Heights gas supply targeted for July 1, 2025, pending investigation and regulatory clearance.

• FY2025 performance expected to remain resilient despite the pipeline fire incident.

• Focus on safety, operational excellence, infrastructure expansion, and disciplined cost management.

• Monitoring macroeconomic and geopolitical risks, including US trade policy and supply chain disruptions.

• Ongoing regulatory discussions for the next RP period, with new tariffs expected in Q1 2026.