Revenue, however, slid 3% to RM1.62 billion from RM1.67 billion previously, mainly attributable to lower revenue from the utilities segment in line with lower product prices, it said in a filing with Bursa Malaysia today.

The gas infrastructure and utility company also declared an interim dividend of 16 sen per share, payable on June 27.

Moving forward, PetGas has projected its 2024 performance to remain healthy, underpinned by stable-earning contracts and sustained operational performance.

“The new third term gas processing agreement and the approved upward tariff adjustment for the gas transportation segment for changes to internal gas consumption effective Jan 1, are anticipated to support the group’s healthy earnings,” it said.

Managing director and CEO Abdul Aziz Othman said in a separate statement that despite increased business environment costs amid elevated Malaysia reference price (MRP) and commodity prices, PetGas’s strong performance in Q1 2024 has reflected the group’s resilience.

“We anticipate maintaining a robust and healthy performance while actively pursuing identified opportunities,” he said.

As at 3pm, PetGas’s share price was unchanged at RM18.30, giving the group a market capitalisation of RM36.21 billion.