Gas Malaysia reports 53% jump in profit in Q3

Malaysian gas retailer Gas Malaysia on November 17 reported a 53.4% year/year jump in net profit during the third quarter of 2022 thanks to higher selling prices and lower finance costs.

The company’s net profit rose to 95.66mn ringgits ($21mn) versus 62.36mn ringgits in the same quarter last year. The revenue for the third quarter was 1.86bn, representing an increase of 34.8% over the same period last year.

The company expects to deliver “a satisfactory performance for the financial year 2022 in tandem with the improving economy for the remaining of the financial year.”

“Malaysia’s economy is expected to continue to recover in the fourth quarter of 2022 as economic activity continued to normalise with the easing of containment measures,” the company said. “The group will continue to take prudent measures to maintain its operational efficiency, to remain competitive and seek opportunities to grow its businesses.” 

Gas Malaysia supplies natural gas and LPG to homes, commercial businesses and industries in Malaysia. Apart from the general public, its shareholders include MMC Corp, Tokyo Gas, and Petronas Gas.