Energy-related stocks are in focus this week following the release of the final quarter 2022 earnings report.
Petronas Gas Bhd (PetGas) reported a decline in net profit in the fourth quarter of 8.86% to RM412.55 million from RM452.63 million a year ago.
Despite this, the revenue recorded in the quarter increased to RM1.63 billion from RM1.5 billion previously.
In addition, the overall performance for the full financial year ending 31 December 2022 also declined to RM1.65 billion compared to RM1.99 billion in the previous year. However, total revenue increased to RM6.16 billion from RM5.65 billion.
The increase was driven by higher product prices from the utility segment while the weakness in net profit was due to a lower profit share from joint venture companies.
The company said in its performance review that it maintains world-class reliability performance across all its plants and facilities by 2022.
It also declared a dividend of 22 sen per share for the quarter, down 10 sen from 32 sen per share for the 2021 quarter.
PetGas traded down around 1.3% at RM17.50 ahead of the stock market close.
