KUALA LUMPUR (November 17): Gas Malaysia Bhd posted a net profit of RM95.66 million in the third quarter, up 53.4% from RM62.36 million a year earlier, thanks to the increase in gross profit, financial income and contributions from joint ventures.
Earnings per share for the quarter ended September 30, 2022 (3QFY2022) increased to 7.45 sen from 4.86 sen for 3QFY2021, according to the group’s filing with Bursa Malaysia.
Quarterly revenue increased by 34.82% from RM1.38 billion to RM1.86 billion, driven by higher average natural gas sales prices in line with global market prices, mitigated by the lower volume of natural gas sold during the quarter.
Compared to the previous quarter, net profit decreased by 10.9% to RM107.34 million, despite revenue increasing by 4.9% from RM1.78 billion for 2QFY2022.
The group declared no dividend for the last quarter.
For the first nine months of FY2022, net profit increased by 63.21% to RM294.32 million from RM180.33 million a year earlier, driven by an increase in revenue to 5, RM43 billion vs. RM3.91 billion.
The group said it expects to deliver a satisfactory performance for the 2022 financial year, adding that it will take prudent measures to maintain operational efficiency to stay competitive and seek opportunities to expand its business.
Shares of Gas Malaysia closed up two sen or 0.59% at RM3.40 apiece on Thursday (17 November), giving the group a market capitalization of RM4.37 billion. The stock is up 29% year-to-date to RM2.64.