Petronas Gas to pursue growth opportunities

Petronas Gas to pursue growth opportunities

KUALA LUMPUR, 27 April 2022 – PETRONAS Gas Bhd Group of Companies is gearing for growth after its 2021 financial year ended with stellar results having surpassed the RM2 billion Profit After Tax (PAT) mark for the second consecutive year at RM2.11 billion.

With these commendable financial results, the Group declared total dividends of 82 cents per share for the year including a special dividend of 10 cents per share, which translates to a dividend payout ratio of 81.6 per cent.

The results were announced at PGB’s virtual 39th Annual General Meeting (AGM) that was held earlier today to present the Group’s 2021 performance to its shareholders.

The AGM was chaired by PGB’s Chairman, Adnan Zainal Abidin, together with PGB’s Managing Director and Chief Executive Officer, Abdul Aziz Othman and PGB’s Chief Financial Officer, Shariza Sharis Mohd Yusof. 

Robust performance

Adnan highlighted that PGB continues to deliver a robust performance with its businesses mostly shielded from market forces with long-term contracts secured.

Despite a highly challenging business environment throughout 2021, the Group successfully navigated the challenges to ensure the security of Malaysia’s gas supply.

“Through innovative efforts, we sustained operational excellence in the safest possible manner, delivered world-class operational performance and remained profitable.”

The financial year 2021 saw PGB fulfil its commitments in delivering gas across Malaysia through safe and effective operations, leveraging on digital technologies to ensure uninterrupted business and continuous communication between staff and various stakeholders.

Additionally, pandemic mitigation measures established in 2020 are continuously being improved to ensure zero supply interruptions and business continues to progress.

Portfolio growth

During the AGM, Abdul Aziz highlighted that PGB’s strong performance was achieved through the Groups’ focus to ensure its businesses adapt to PGB’s diverse stakeholders and growing portfolio of customers.

PGB’s current transformation agenda, 301Q99 Pushing Forward PLUS, continues to drive the Group’s operational and commercial excellence amidst a liberalised gas industry.

This, in return, saw PGB successfully balance lower costs through optimised operations and higher asset reliability, amidst the increased level of activities at growth projects announced during the year. 

“Moving forward in 2022, PGB will continue seizing opportunities to deliver gas solutions in a responsible and sustainable manner, while progressing and realising our identified growth projects.

“These include pursuing integrated solutions for power and utilities at new industrial zones in Malaysia, growing power generation and regasification capacities in Malaysia and regional, as well as step out opportunities brought about by the energy transition,” Abdul Aziz says.