KUALA LUMPUR, May 22 (Bernama) — PETRONAS Gas Berhad (PGB or the Group) recorded a Profit After Tax (PAT) of RM448 million in the first quarter of 2023, translating to a 2% increase from the same quarter in 2022. The Group also declared an interim dividend of 16 sen per share, equivalent to RM316.6 million, similar to the same quarter last year, highlighting PGB’s resilience in sustaining its performance in the course of challenging market conditions.
Utilities segment recorded higher revenue driven by higher Malaysia Reference Price (MRP) which reached its peak of RM58/MMBtu in Q1. The higher revenue was partly offset by higher cost of gas which is only partially passed through to customers. At the same time, PGB recorded lower revenue from its regulated business, as the Group underwent the second RP2 under the Incentive-Based Regulation (IBR) framework from 1 January 2023 until 31 December 2025 which translated into lower tariff charged by PGB. The Gas Transportation and Regasification segments also impacted from the higher gas cost.