In a statement issued today, the company said its revenue for the quarter was RM1.5 billion compared with RM1.38 billion for the same quarter in 2021.
However, its net profit was lower at RM396.5 million compared with RM439.07 million previously.
The company said the increase in revenue was driven mostly by its utilities segment, but the imposition of the prosperity tax for the 2022 assessment year contributed to the decline in net profit.
Its earnings per share also dropped, to 20.04 sen in Q2 2022 from 22.19 sen in Q2 2021.
In a filing with Bursa Malaysia today, PetGas said its utilities segment’s revenue grew by 35.5% or RM110.7 million during the quarter, mainly attributable to higher product prices and higher electricity sales volume.
“Product prices were higher in line with the fuel gas price which is based on the reference market price, while the electricity sales volume increased following the commencement of electricity supply to the grid under the new electricity despatch arrangement from August 2021 onwards,” it said.
Meanwhile, the group’s gas processing plants maintained their world-class operational performance, recording 100% reliability and a 2.3% or RM9.8 million increase in revenue year-on-year due to higher internal gas consumption incentive achieved.
PetGas’ liquefied natural gas regasification terminals in Sungai Udang, Melaka and Pengerang, Johor sustained their strong reliability performance at close to 100% during the quarter.
In terms of the first half of 2022 (H1 2022), PetGas also recorded a lower net profit of RM807.08 million versus RM955.47 million in H1 2021.
Moving forward, PetGas said, it expects to remain resilient on the back of long-term contracts which ensures steady revenue streams, particularly for gas processing, gas transportation and regasification business segments.
The group highlighted that it has renewed several long-term utilities’ contracts, which improved the segment margin for Q2 2022’s performance amidst higher fuel gas costs.
Nevertheless, the anticipated rise in the Malaysia Reference Price, weakening trend of the ringgit against US dollar and imposition of prosperity tax may further impact the overall group’s performance, added PetGas.
“The group will continue to focus on excellent operational performance and remain committed to ensuring a sustained level of returns to our shareholders,” it said.