Malaysian gas retailer Gas Malaysia on February 26 said its net profit during the three months to December 31 (Q4) was up 20% year/year thanks to increased gas sales volumes.

The company booked a profit of ringgit 69.23mn ($17mn) in Q4 compared with ringgit 57.93mn a year earlier. Revenue for the quarter was up 8.38% yr/yr at ringgit 1.82bn. 

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For the 12 months to December 31, the net profit rose 11.84% yr/yr to ringgit 212.62mn, while revenue dropped 2.9% yr/yr to ringgit 6.69bn. The company blamed the revenue decline on lower gas sales volumes in the early part of the year, as a result of lockdown measures imposed by governments to stop the spread of Covid-19.

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