Petronas Gas closes 2018 with highest ever dividend
KUALA LUMPUR: Petronas Gas Bhd (Petronas Gas) closes 2018 with the highest ever dividend of 72 sen per share, representing a payout ratio of 79 per cent.
Speaking after the company’s 36th Annual General Meeting (AGM), managing director/chief executive officer Kamal Bahrin Ahmad said the higher dividend was on the back of a strong performance derived from high operating efficiencies.
He added that this was boosted by additional revenue from a fullyear’s operation of its Liquefied Natural Gas (LNG) Regasification Terminal Pengerang (RGTP), which was commissioned in November 2017.
PGB recorded an all-time high revenue of RM5.5 billion and gross profit of RM2.5 billion, the latter marking a 14 per cent increase from RM2.2 billion in 2017.
The Malaysia’s gas market liberalisation, which was implemented since January last year, has opened the company’s gas transportation and regasification businesses to gas suppliers.
The incentive-based regulation, which aims to provide a more levelplaying field while attracting new players to enter the domestic gas market, however does not impact its gas processing and utilities segments.
“Petronas Gas welcomes more players to use its facilities, as the company is well-positioned to provide the energy bridge for gas suppliers to deliver their volume to customers,” said Kamal Bahrin.
Post-completion of RGTP and the Air Separation Unit projects, both at the Pengerang Integrated Complex in Johor, PGB is poised for new growth opportunities that would leverage on its proven track record, industry experience and technical expertise.
The Company recently announced its new offering of gassing up cooling down services at RGTP, as well as its intention to build an additional nitrogen generation unit at Kertih, Terengganu to serve new customers.