PETRONAS Gas Berhad (6033) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of FY2025 was RM4,803.1 million, down 2.4% year-over-year, mainly due to lower Utilities product prices and reduced gas transportation tariffs.

• Profit after tax for 9M 2025 was RM1,439.3 million, a 4.3% decrease year-over-year, impacted by tighter Utilities margins and restoration costs from the Putra Heights fire incident.

• A one-off customer settlement income of about RM52 million related to an electricity supply agreement dispute partially cushioned the profit decline.

• Operational reliability remained high across all segments, with nearly 100% product delivery and swift restoration after incidents.

• Maintained sustainable dividend payouts and healthy cash reserves to support operations and growth.

Financial highlights

• Gross profit for the nine months was RM1,686.1 million, down 6.1% year-over-year.

• EBITDA decreased 1.7% to RM2,564 million.

• Earnings per share for 9M 2025 was 68.89 sen, down 4.0% year-over-year; dividend per share maintained at 50.00 sen.

• Total assets rose 5% to RM19.7 billion, driven by higher CapEx and new LNG storage assets.

• Total liabilities increased by 11.6% due to new lease liabilities for the floating storage unit.

Outlook and guidance

• Focus remains on operational efficiency, cost optimization, and disciplined project delivery.

• Infrastructure expansion planned to meet rising national demand, including regasification terminal upgrades and modernization of gas processing and pipelines.

• Maintenance activities expected to be slightly higher in Q4 2025 as part of reliability and safety assurance programs.

• Diversification and value unlocking from existing assets are ongoing, with attention to regulatory and carbon tax risks.

• Rebates and adjustments from the new electricity tariff structure will continue to pressure Utilities segment revenue.