PETRONAS Gas Berhad (6033) Q2 2024 earnings summary

Executive summary

• Delivered strong 1H24 performance with sustainable dividends, driven by safe, efficient, and reliable operations.

• Maintained world-class operational performance leveraging digitalisation and talent.

• Revenue for 1H24 was RM3,266.9 million, down 1.4% year-over-year, mainly due to lower Utilities segment revenue.

• Gross profit remained stable at RM1,198.1 million, cushioned by lower operating costs.

• Net profit for 1H24 rose 2.0% to RM963.2 million, with EBITDA up 3.8% to RM1,706.8 million.

Financial highlights

• 1H24 revenue: RM3,267 million, down 1.4% year-over-year; gross profit: RM1,198 million, flat year-over-year.

• Profit after tax for 1H24 rose 2% to RM963 million, mainly due to lower financing costs and reduced forex exposure.

• EBITDA for 1H24 increased 3.8% to RM1,707 million year-over-year.

• Earnings per share for 1H24 at 46.78 sen, up 1.8% year-over-year; interim dividend of 16 sen per share declared.

• Board approved a second interim dividend of 16 sen per share (RM316.6 million), payable on 19 September 2024.

Outlook and guidance

• 2024 performance expected to remain healthy, supported by stable-earning contracts and operational reliability.

• Focus remains on safe, reliable, and efficient operations, enhanced project delivery, and growth initiatives.

• Utilities segment performance will be impacted by elevated Malaysia Reference Price and fuel gas price movements.

• Committed to sustainability, targeting reduced GHG emissions and increased recycling rates.

• Focus on cost optimisation to mitigate inflationary pressures; minimal FX impact after lease liability settlement.