KUALA LUMPUR — Petronas Gas Bhd (PGB) recorded a marginal increase in net profit to RM453.33 million for the second quarter ended June 30, 2026 (2Q FY2026), compared with RM450.19 million in the corresponding period last year.
Revenue, however, declined 5.6 per cent to RM1.50 billion from RM1.59 billion previously, mainly due to lower contributions from the utilities segment following reduced sales volume amid planned regulatory turnaround activities, Bernama reported.
“This impact was cushioned by higher revenue from gas transportation segment following upward tariff adjustment and increased contribution from regasification segment arising from liquified natural gas (LNG) storage services at Pengerang, Johor, which commenced in August 2025,” it said in a filing with Bursa Malaysia today.
PGB said revenue from its gas transportation segment rose 12.7 per cent to RM320.5 million in 2Q FY2026 from RM284.3 million in 2Q FY2025, driven mainly by higher Regulatory Period 3 (RP3) tariffs and growth in the regulated asset base following the successful completion of RP2 projects.
“This was further complemented by upward tariff adjustments primarily related to the sharing factor for prior year’s under recovery of internal gas consumption (IGC) price in accordance with Incentive-Based Regulation (IBR) framework by the Energy Commission,” it said.
For the first half of 2026 (1H 2026), PGB’s net profit decreased to RM892.02 million from RM918.98 million recorded a year earlier, while revenue fell 3.1 per cent to RM3.09 billion from RM3.18 billion.
“The softer performance mainly attributable to lower revenue from the utilities segment following lower sales volume due to planned regulatory turnaround activities, coupled with reduced product prices in line with a decrease in fuel gas price,” said PGB.
Looking ahead, PGB expects to maintain healthy performance throughout 2026, supported by stable earnings from its regulated and long-term contracted businesses, as well as consistent operational execution.
The group said it remains cautious of margin pressures arising from higher fuel gas prices and increased operating costs, while continuing efforts to manage expenses and optimise asset utilisation.
“We will continue to strengthen operational resilience, commercial excellence and cost optimisation while maintaining safe and reliable operations, with a focus on delivering long-term value creation for shareholders,” it added.
Meanwhile, PGB managing director and chief executive officer Abdul Aziz Othman said the company’s solid performance reflected the strength of its regulated and long-term contracted businesses, backed by prudent cost management, reliable assets and proactive asset stewardship.
“While the group continues to navigate margin pressures arising from planned turnaround activities and an evolving cost environment, PGB remains focused on enhancing operational resilience, optimising asset utilisation and driving sustainable value creation for our stakeholders,” he added. – August 26, 2026