PETRONAS Gas Berhad (6033) Q4 2024 earnings summary

Executive summary

• Group revenue for FY2024 rose 1.4% year-over-year to MYR 6.54 billion, mainly from higher Gas Processing reservation charges, while Utilities revenue declined due to lower product prices.

• Gross profit declined marginally by 0.4% to MYR 2.3 billion, impacted by higher operating and maintenance costs, but cushioned by lower fuel gas costs.

• Profit before tax fell 1.1% due to lower JV contributions, but profit for the year rose 1.2% to MYR 1,924 million, aided by a one-off investment tax allowance.

• EBITDA increased 2.7% to MYR 3,355 million; EPS rose 0.9% to 92.80 sen; dividend per share was maintained at 72 sen.

• Maintained high reliability and efficiency across all business segments despite increased operating and maintenance expenses.

Financial highlights

• Revenue: MYR 6.54 billion (+1.4% YoY); gross profit: MYR 2.3 billion (-0.4% YoY).

• Profit after tax: MYR 1,924 million (+1.2% YoY); EBITDA: MYR 3,355 million (+2.7% YoY).

• Dividend per share: 72 sen, unchanged YoY.

• Total assets: MYR 18.8 billion, down 2.9% due to MYR 1.2 billion bullet repayment of Islamic financing.

• Cash and cash equivalents: MYR 2.6 billion, with sufficient headroom for growth projects.

Outlook and guidance

• Anticipates strong growth in gas and electricity demand, especially from data centers, with government projections indicating a potential doubling of electricity demand by 2040.

• CAPEX investments for growth projects are progressing as planned, focusing on infrastructure expansion and rejuvenation of aging plants.

• Maintenance CAPEX expected to remain in the MYR 800–900 million range annually for the next 4–5 years.

• Focus remains on sustainable growth, maximizing shareholder returns, and operational efficiency.