Petronas Gas Berhad
| Revenue | MYR 1.6B |
|---|---|
| Operating income | MYR 3,000 |
| Net income | MYR 438.7M |
| Operating margin | 0.0% |
| Net margin | 27.7% |
| Period | 2026 |
OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Stable cash returns are offset by weaker utilities economics and rising maintenance costs.
Hold: Q2 revenue fell 1.4% to RM3.267 billion, but profit rose 2% and EBITDA rose 3.8% to RM1.707 billion, supported by regulated businesses and lower financing and FX costs.
The 16 sen dividend is reassuring, but utilities profit fell 26.3% year over year and management expects heavier maintenance spending in 2H24.
- Regulated Gas Infrastructure
- Utilities Margin
- Maintenance Capex
- Dividend
- Pengerang Expansion
- Power Plant Projects
Near term
Utilities margins face mixed effects from the lower 16 sen/kWh ICPT surcharge and Q3 MRP of RM42.438/MMBtu.
Second-half maintenance activity and costs are expected to exceed first-half levels.
About 30 MW of electricity exports under NEDA provide an incremental earnings opportunity.
Longer term
Gas Processing, Gas Transportation and Regasification contribute close to 90% of year-to-date bottom line, supporting earnings stability.
Growth projects remain execution-dependent: LNG storage in Pengerang adds 21% to existing storage capacity and is expected by mid-2025.
Potential Sabah and Labuan power plants could require just below RM2 billion of capex, but tariffs, PPAs and regulatory alignment remain unresolved.
Red flags
Utilities segment profit declined 26.3% year over year as lower product prices and ICPT reduced revenue, while depreciation and maintenance expenses increased.
Gas Processing and Regasification segment profits also declined year over year due to higher maintenance, depreciation and floating-storage-unit lease costs.
The quarter's stronger associate contribution was largely a Kimanis FX gain from hedging, not evidence of a broad operational improvement.
Management gave no quantified earnings outlook, while growth-project capex depends on future FIDs and regulatory approvals.
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.