KUALA LUMPUR, June 2 – Petronas Gas Berhad Group of Companies (PGB) announced on Tuesday that it has recorded a commendable result in the fiscal year 2022, despite the challenging external environment. PGB achieved a Profit After Tax (PAT) of RM1.76 billion, and the Group declared total dividends of 72 sen per share for the year. This maintained a healthy dividend payout ratio of 87.0 percent as compared to 81.6 percent in 2021.
At PGB’s virtual 40th Annual General Meeting (AGM), PGB Chairman Adnan Zainal Abidin acknowledged the Group’s resilience in facing a challenging external environment, which saw higher fuel gas prices and unfavorable foreign exchange movements. He further added that the Group increased its focus on cost discipline and optimization measures, while strengthening its operational efficiencies to mitigate the increasing operating costs from higher fuel gas prices and volatile currency fluctuations.
The Group fulfilled its commitments in delivering gas safely across Malaysia, leveraging innovative digital technologies to ensure effective business operations and continuous communication with various stakeholders. PGB maintained its world-class performance and reliability across all its plants and facilities, which ensured steady earnings and healthy profits from long-term contracts under PGB’s Gas Processing, Gas Transportation, Regasification, and Utilities segments.
PGB’s Managing Director and Chief Executive Officer, Abdul Aziz Othman, highlighted that the Group’s commitment to deliver and maintain operational excellence at a world-class level forms the foundation to pursue growth opportunities to diversify the Group’s business portfolio. PGB’s new strategic agenda drives focus in seizing identified growth opportunities, backed by strong operational excellence, commercial excellence, and project excellence to ensure the Group is robust, fundamentally resilient and sustainable, and that it can respond quickly to operational and marketplace challenges.
“As the owner of the nation’s integrated gas infrastructure and utilities facilities, PGB remains committed to ensuring that all our assets are available, reliable, and operating at their optimum. On growing the business, we continued to make good strides forward on identified projects, bringing some to completion as per plan and concurrently identifying potential opportunities. In 2023, PGB will continue to navigate our way to deliver gas solutions in a responsible and sustainable manner, while progressing on growth opportunities,” Abdul Aziz added.
The news of PGB’s commendable result in the fiscal year 2022 is a positive development, particularly amidst the challenging external environment. Analysts suggest that PGB’s resilience in such a volatile market shows that it is well-equipped to navigate and thrive in challenging situations. With the Group’s new strategic agenda to seize identified growth opportunities, PGB is set to strengthen its position as a leading player in the gas industry.
