Q4 2024 Petronas Gas Bhd Earnings Call Transcript
Key Points
- Petronas Gas Bhd (PNAGF) reported a slight increase in group revenue by 1.4% to MYR6.5 billion, driven by higher revenue from gas processing due to new reservation charges.
- Profit for the year rose by 1.2% due to lower tax expenses following a one-off recognition of investment tax allowance for 2024.
- The company successfully secured full 12 months of incentives under the third-term Gas Processing Agreement (GPA), showcasing operational excellence.
- Petronas Gas Bhd (PNAGF) made significant progress in infrastructure projects, including a 100-megawatt power plant in Kimanis, expected to start operations by March 2026.
- The company received high recognition for sustainability efforts, achieving a score of 4.7 from Bursa Malaysia, reflecting improved environmental and social disclosures.
- Gross profit declined marginally by 0.4% due to rising operating costs, higher maintenance activities, and increased depreciation expenses.
- Profit before tax decreased by 1.1% primarily due to lower share of profit from joint venture companies.
- The regasification segment saw a 5.9% decline in full-year results due to higher maintenance activities and depreciation costs.
- Utilities segment gross profit decreased by 45% in Q4 2024 compared to Q3 2024, due to lower revenue from electricity, steam, and industrial gases.
- The company's total assets decreased by 2.9% due to a bullet repayment of MYR1.2 billion for an Islamic financing facility, impacting cash reserves.
Like to highlight comparing the full year of 2024 with 2023. First, the group revenue stood at MYR6.5 billion, a slight increase of 1.4% or MYR92.8 million. Mainly, it's driven by high revenue from the gas processing. This is rising from a higher reservation charge that come together with the new term that we signed last year. This, however, was offset by a low revenue from utility segment mainly due to lower product prices. Gross profit declined marginally, only 0.4% or MYR9.7 million at MYR2.3 billion, mainly as a result of rising operating costs across all segments, also from higher level of maintenance activities and depreciation expenses. This is in line with the higher completion of capital projects.
However, that was cushioned by lower fuel gas costs and internal gas consumption expenses in tandem with the lower fuel gas price. Consequently, the profit profit before tax PVT decreased by 1.1% or MYR25.7 million primarily due to lower share of profit from joint venture
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
