PETALING JAYA: Gas Malaysia Bhd’s net profit rose 64.2% to RM91.32mil for the first quarter ended March 31, 2022 (1Q22), from RM55.63mil in 1Q21 in tandem with higher revenue.

       Its earnings per share rose to 7.11 sen from 4.33 sen previously.

       During the quarter under review, Gas Malaysia’s revenue increased 54.8% to RM1.78bil from RM1.15bil in 1Q21, driven by higher average natural gas selling price in tandem with global market price, mitigated by lower volume of natural gas sold during the current quarter.

       “The further increase in revenue was also due to the higher firm capacity reservations by shippers for the utilisation of the natural gas distribution system in the current quarter,” Gas Malaysia said in its filing with Bursa Malaysia.

       The profit before zakat and taxation for 1Q22 was RM120.3mil – an increase of 66.8% from RM72.1mil in 1Q21, due mainly to higher gross profit, lower administrative expenses and higher contribution from the group’s joint venture companies.

       On the company’s prospects, Gas Malaysia pointed out that Malaysia’s economy is expected to continue its growth trend this year as the country transitions to the endemic phase of the pandemic.

       “The group will continue to take prudent measures to maintain its operational efficiency to remain competitive and seek opportunity to grow its business.

       “Based on the above, the board expects that the group will deliver a satisfactory performance for the financial year 2022 in tandem with the expected economic growth,” it added.