Gas Malaysia Posts Higher Net Profit of RM441.39 Million for Financial Year 2024

Gas Malaysia Bhd recorded a higher net profit of RM441.39 million for the financial year ended December 31, 2024, marking an increase from RM383.40 million in the previous year.

In a filing with Bursa Malaysia today, the company attributed the profit growth to higher sales volume of natural gas, an increase in the average natural gas contribution margin, and higher tolling fees. However, the gains were partially offset by higher administrative expenses.

Despite the profit increase, Gas Malaysia’s revenue saw a slight decline to RM8.04 billion in FY2024, compared to RM8.08 billion in the previous year. The company explained that the drop was due to lower average natural gas selling prices, even though total gas sales volume and toll fees had increased.

For the fourth quarter of FY2024, Gas Malaysia’s net profit rose to RM112.71 million, up from RM104.33 million in the same quarter the previous year.

Quarterly revenue also increased to RM2.06 billion from RM1.80 billion in Q4 FY2023, driven by higher natural gas sales volume, an improved gas contribution margin, and increased tolling fees. However, higher administrative expenses slightly impacted overall profitability.

In line with its positive performance, Gas Malaysia’s board of directors declared a second interim dividend of 9.60 sen per share for 1.28 billion ordinary shares, amounting to RM123.3 million for FY2024. The dividend is scheduled to be paid on April 25, 2025.

Gas Malaysia reaffirmed its commitment to prudent measures aimed at enhancing operational efficiency, maintaining competitiveness, and exploring business expansion opportunities.

“Through these strategies, the board expects the group to achieve satisfactory performance in FY2025, while remaining cautious amid potential market uncertainties,” the company stated.