PETRONAS Gas expects resilient year despite operational disruption

KUALA LUMPUR: PETRONAS Gas Bhd anticipates an overall resilient and stable performance in the financial year 2025, despite operational disruption caused by the pipeline fire incident in Putra Heights on April 1, 2025.

In the first quarter ended March 31, 2025 (1QFY25), PETRONAS Gas posted a net profit of RM468.8mil, up from RM456.65mil in the year-ago quarter.

The group reported in a filing with Bursa Malaysia that quarterly revenue dipped to RM1.59bil from RM1.62bil in the previous comparative quarter, while earnings per share rose to 23.69 sen from 23.08 sen previously.

In line with the performance, the board of directors declared a first interim dividend of 16 sen per share, with an entitlement date of June 12, 2025, and payable on June 24, 2025.

Meanwhile, PETRONAS Gas said in an update to the stock exchange it expects the financial impact of repair works and asset restoration resulting from the Putra Heights fire to be about RM170mil.

This figure is subject to the final findings of the investigation and is based on the current site conditions and the extent of asset damage, it said.

A significant portion of this amount is expected to be capitalised under the company’s capital expenditure, with partial recovery anticipated through insurance claims.

Revenue loss due to service interruption is projected to be minimal at approximately RM20mil.

The total profit impact to the group, combining repair costs and revenue loss, is currently estimated at RM60mil for FY25.

"The group remains firmly committed to maintaining the highest standards of safety, operational excellence, disciplined cost management, and long-term strategic growth.

"In light of the recent incident, the group is further strengthening its risk management and mitigation frameworks to ensure continuity, resilience, and sustainability across its operations," it said.