Gas Malaysia reports 8% increase in Q1 profit

Gas Malaysia, a Malaysian gas retailer, reported a net profit of 102.63mn ringgit ($21,m) for the first quarter on May 24, up 8% year/year. The increase was driven by higher natural gas sales, higher tolling fees, as well as higher finance and other income.

The revenue for the first quarter was 1.87bn ringgit compared with 2.43bn in the corresponding quarter of 2023, representing a decrease of 23.2%. This decline was due to a lower average natural gas selling price, mitigated by a higher volume of natural gas sold and higher tolling fees.

Looking ahead, Gas Malaysia expects a "satisfactory performance" for the full financial year 2024 in tandem with the expected domestic economic growth, it said.

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