Petronas Gas proposes 19 sen dividend on better Q4 earnings

PETALING JAYA: Petronas Gas Bhd saw its net profit increase 4.7% to RM486.7 million for the fourth quarter ended December 31, 2017 compared with RM465.06 million in the same quarter a year ago, thanks to new contribution from its liquefied natural gas (LNG) regasification terminal in Pengerang, Johor and higher revenue from the gas processing and utilities segments on the back of higher performance-based structure income and favourable selling price.
Its revenue expanded 13% from RM1.15 billion to RM1.3 billion.
The group has proposed to declare a dividend of 19 sen per share amounting to RM376 million for the quarter under review.
Petronas Gas' full-year net profit rose 3.1% from RM1.74 billion to RM1.79 billion. Revenue came in at RM4.81 billion, 5.4% higher than the RM4.56 billion made a year ago.
Looking ahead, the group expects its performance to remain robust in 2018, backed by its strong and sustainable revenue streams from existing gas processing agreement and gas transportation agreement signed with Petronas.
"Furthermore, revenue stream for the regasification segment will grow with the first full year of operations at the group's new LNG regasification terminal in Pengerang, Johor."
On Bursa Malaysia today, Petronas Gas ended down 2 sen or 0.1% at RM17.66, on volume of 827,800 shares.