PETRONAS Gas Berhad (6033) Q4 2025 earnings summary

Executive summary

• FY2025 performance remained resilient despite inflationary pressures, market volatility, and a major pipeline incident, supported by disciplined operations and cost optimization.

• Revenue for FY2025 was RM6,374 million, down 2.5% year-over-year, mainly due to lower utilities product prices and downward tariff adjustments in gas transportation.

• Profit for the year fell 4.5% to RM1,836.5 million, impacted by higher tax expenses and the absence of prior year’s one-off investment tax allowance.

• Board approved a fourth interim dividend of 22 sen per share (RM435.3 million), with total dividends paid for the year at RM1,424.7 million.

• Major incident at Putra Heights pipeline managed with swift response, community support, and ongoing litigation related to claims of RM68 million.

Financial highlights

• EBITDA increased marginally by 0.6% year-over-year to RM3,376.5 million, despite higher depreciation.

• Earnings per share decreased by 5.9% year-over-year to 87.28 sen.

• Total assets rose 5.6% to RM19.8 billion, driven by higher CapEx and new right-of-use assets.

• Total liabilities increased 13.1% to RM5.1 billion, mainly due to new lease liabilities and prepayment of fixed charges.

• Gross profit margin declined 5.7% year-over-year, mainly from gas transportation and utilities.

Outlook and guidance

• Newly approved RP3 tariffs for gas transportation and regasification effective 2026–2028, supporting stable regulated earnings and risk mitigation.

• Internal reorganization to go live in Q3 2026, aiming for sharper operational focus and improved risk oversight.

• Continued focus on operational excellence, infrastructure expansion, and energy transition opportunities.