Petronas Gas Profit After Tax up by 5% to rm2.08bn

 
Highest Revenue at RM5.59 billion and Profit After Tax at RM2.08 billion 
 
KUALA LUMPUR, 22 February 2021 – PETRONAS Gas Bhd Group of Companies (PGB) posted its strongest financial performance in FY2020, backed by stable revenue streams and lower costs. 
 
Group Revenue was RM5.59 billion, higher than RM5.46 billion recorded in 2019. The higher revenue was mainly from the regulated Regasification and Gas Transportation segments, due to higher tariffs with the inclusion of pass-through Internal Gas Consumption (IGC) cost. This was slightly offset by lower revenue from the Utilities segment which saw lower sales of excess electricity into the grid. 
 
Gross profit for the year rose 11% to RM2.66 billion from RM2.39 billion on lower operating costs. This is in line with level of activities and cost optimisation efforts. Profit After Tax (PAT) also improved by 5% to RM2.08 billion from RM1.98 billion, slightly affected by lower other income, unfavourable foreign exchange movement and lower investment income. 
 
PGB’s Q4 2020 revenue of RM1.39 billion was comparable to RM1.37 billion recorded in Q4 2019 following a higher contribution from Gas Transportation and Regasification segments, which offset lower revenue from the Utilities segment. Gross profit improved by 11% to RM636 million from RM574 million, largely driven by lower depreciation and operating costs. PAT increased by 6% to RM521 million from RM493 million, as a higher share of profit from joint ventures added on to the gross profit. 
 
Q4 2020 revenue also remained steady against the revenue in preceding Q3 2020 of RM1.41 billion. Gross profit, however, was lower by 14% at RM636 million against RM736 million, largely due to higher operating, repair and maintenance costs at Gas Transportation and Regasification segments as activities picked up with the easing of the Movement Control Order (MCO) restrictions. PAT of RM521 million was also correspondingly lower against RM640 million, on the back of lower gross profit and unfavourable foreign exchange movement.  
 
PGB declared an interim dividend of 22 sen and a special dividend of 5 sen in the fourth quarter, resulting in a total of RM1.27 per share for the year. The Group previously announced a quarterly dividend payment of 16 sen (Q1), 16 sen (Q2), 18 sen (Q3) and a special dividend of 50 sen in the second quarter. In FY2019, the Group paid a dividend of 82 sen, including a special dividend of 10 sen in Q4 2019.  
 
Managing Director/Chief Executive Officer Abdul Aziz Othman says, “We have proven ourselves to be resilient in a year with uncertain economic conditions, responding swiftly to the pandemic outbreak to ensure no interruption to our operations while realising opportunities for cost optimisation. Moving forward, we will aim to sustain the performance into 2021 while pursuing growth opportunities”.  
 
Related to this, Aziz adds, “We are pleased to announce that we have reached the Final Investment Decision (FID) for the construction of a new 42km lateral gas pipeline project from Puchong to Pulau Indah, Selangor. 
 
The RM541 million project which will be undertaken by PGB’s Gas Transportation business is part of the lateral expansion of the Peninsular Gas Utilisation (PGU) which is regulated under the Incentive-Based Regulation (“IBR”) framework. 
 

The Malaysian of the year 2020! – VIDEO

The world experienced a pandemic in 2020 and a dramatic loss of human life worldwide.

It was an unprecedented challenge to the public health care systems and a severe economic and social disruption that resulted in a loss of jobs and a rise in poverty.

Malaysians were not spared with our economic activity almost grinding to a halt, corporates experiencing plummeting revenues while the people faced extreme hardships.Students experienced difficulty as schools and universities were closed.

Teachers and students had for the first time grapple with teaching online through unfamiliar means while some students in the rural area had connectivity and accessibility issues.

Amidst the gloom and doom, there were many Malaysians that rose to the occasion and showed that adversity brought out the best in them.

hey extended a helping hand to needy Malaysian and did the nation proud.

One Malaysian girl stood tall among many others. Veveonah, a student at the University of Malaya, Sabah had to sit for an examination.

She did not allow depredation to deter her from her lofty ambitions. She climbed a tree to get access to WIFI to sit for her exams.

Any lesser being would have buckled under the weight of those pressures but she displayed grit, determination and indomitable courage in the wake of adversity.

She showed Malaysians that crisis always brings the best in us.

Because of her exemplary action and conduct, we nominate her as the Malaysian of the year 2020.


Mahathir’s outburst against US and APEC 2020

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Malaysian Prime Minister Tun Dr Mahathir Mohamad launched an attack against the US on his blog, Chedet.cc. Is this a preview of what to expect at the APEC meeting in Malaysia?

He says the US is a powerful country that could wipe humanity from the surface of the planet. But they must not forget their defeat in Vietnam.

He recalls how the US was defeated by “black pajama-clad unimpressive undersized Vietnamese.”

Mahathir also reminded the US of the mess they made in Iraq, a war that has not really ended he says.

This is Dr Mahathir’s reaction to the US killing of the Iranian general General Qasem Suleimani.

The post is republished in full in news portals, but we ask the question. Is this salvo a taste of what we will see during the APEC summit in November?

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PRESSURE TO QUIT

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That is if Dr Mahathir is still the Prime Minister by then. In this case, is this attack against the US a sign that Dr Mahathir will be quitting soon?

The elderly statesman is facing a full-blown revolt in the Pakatan Harapan coalition. The members of Anwar Ibrahim’s party are ganging against him.

They want a fixed timeline for his departure in May. According to Anwar’s sources, the May 2020 deadline for Mahathir to quit was agreed by the Pakatan.

But Mahathir’s party members and some PKR members, including the powerful Minister of Economic Affairs Azmin Ali, denies this.

Nevertheless, Mahathir is now at cross-roads. Leaving power in May will deny him the historic role of hosting the APEC twice in his career.

The Asia-Pacific Economic Cooperation is an inter-governmental forum in the Pacific Rim. The US is one of the 21 member countries.

The State Department says the US works within APEC to prevent threats to sustainable growth. As a regional leader, it counters the dangers of diseases and the defends the integrity of financial systems.

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THE TRUMP EFFECT

But under President Donald Trump, this is not exactly the case. The American leader does not like such groupings where the US will have to give more and take back less.

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Mahathir has already made it clear that he does not like Trump. During the KL Summit, Dr Mahathir told the media if he could, he would impose sanctions on Trump.

This in response to the sanctions the Trump administration imposes on its foes, including Iran. Mahathir has also called Trump and international bully.

At the APEC 2017 in Vietnam, Trump attacks countries “cheating” America and and not “playing by the rules”. He launched a tirade against predatory economic policies by some countries.

What will Trump do if he decides to come to Malaysia for APEC 2020? No one knows. But if he comes, and Mahathir is still Prime Minister, it might flare-up just like in 1998.

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