Petronas Gas will not be affected by prevailing challenges

Kuala Lumpur: Petronas Gas Bhd expects the prevailing market challenges and uncertainties will not have an impact on its performance as the majority of its businesses are supported by long-term contracts and stable revenue stream.

Managing director and chief executive officer Kamal Bahrin Ahmad (pic) said the company’s operational performance and business model remained strong and robust, where the Regulatory Period 1 (RP1) tariffs are set to provide certainty of revenue for the next three years.

“Moving forward, our aim remains to be the solutions partner to our existing customers. While sustaining good operational performance at all of our assets, we are committed to ensuring timely project completion to fulfil our commitment to our new customers,” he said in statement.

On Petronas Gas’ 2019 performance, Kamal Bahrin said the company ended 2019 with a commendable performance, declaring a total dividends of 82 sen per share for the year including a special dividend of 10 sen per share, which translated to a dividend payout ratio of 84 per cent compared to 79 per cent in 2018, the highest ever in its history.

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“Petronas Gas’s resilience is the result of operational and commercial excellence driven by its ongoing plan — 301Q99 Pushing Forward.

“By adhering to this game plan and pushing forward with our growth initiatives, we continue to grow from strength-to-strength, becoming a leaner and more efficient organisation that is prepared for market liberalisation and the accompanying challenges,” he said. Kamal Bahrin said the company has also been proven to be a capable and prudent operator, through a flawless transition from unregulated into a new Third Party Access (TPA) regulated environment last year.

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Petronas Gas’ net profit for the financial year ended Dec 31, 2019 rose to RM1.93 billion from RM1.79 billion recorded in 2018.

Revenue, however, was slightly lower at RM5.45 billion from RM5.49 billion.

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