PETRONAS Gas Berhad (6033) Q1 2025 earnings summary

Executive summary

• Q1 2025 delivered stable operational performance with profit after tax up 4.2% to RM492.1 million, despite a 1.5% revenue dip to RM1,594.5 million and a significant pipeline incident at Putra Heights with an estimated RM170 million total impact, of which RM60 million will affect profit for the year.

• The company maintained sustainable dividends, strong cash reserves, and continued to expand its asset base with LNG-driven air separation and power plant projects.

• Focus remained on safe operations, project delivery, and exploring growth opportunities for long-term value.

Financial highlights

• Gross profit declined 4.2% year-over-year to RM575.7 million due to tighter margins in Gas Transportation and Regasification.

• EBITDA was stable at RM852.1 million, up 0.3% year-over-year; EPS increased 2.6% to 23.69 sen.

• Interim dividend of 16 sen per share (RM316.6 million) approved for FY2025.

• Cash and cash equivalents stood at RM2,596 million, with liabilities up 2% due to higher payables.

• Net assets per share at RM7.07; total assets at RM18.76 billion as of 31 March 2025.

Outlook and guidance

• FY2025 performance expected to remain resilient despite the pipeline fire incident, with most costs recognized in Q2 and Q3.

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

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

• Ongoing assessment of Putra Heights incident's operational and financial implications.