M+ Online Research Team: Petronas Gas Bhd's (PetGas) net profit jumped 22% to RM485.37m for 2QFY2023
Our M+ Online Research Team just issued a Market Pulse on 28 August 2023.
Petronas Gas Bhd's (PetGas) net profit jumped 22% to RM485.37m for 2QFY2023 from RM396.5m posted in the same period a year ago, lifted by higher gross profit coupled with higher share of profit from joint venture companies. The stronger profit was also attributed to higher interest income from fund investments and lower exposure from foreign exchange movement following early settlement of USD lease liabilities for floating storage units at liquefied natural gas (LNG) regasification terminal in Sungai Udang, Melaka. The group also declared a second interim dividend of 16 sen per share amounting to RM316.6m, payable on Sept 22.
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