Kuala lumpur: Petronas Gas Bhd (PGB) reported a decrease in net profit to RM438.68 million for the first quarter ending March 31, 2026, compared to RM468.79 million in the same quarter last year. This decline aligns with reduced gross profit and a drop in income from fund investments.

According to BERNAMA News Agency, PGB's revenue for the quarter decreased by 0.6 percent to RM1.58 billion from RM1.59 billion in the same period a year earlier. The group attributed the decline primarily to lower revenue from the utilities segment, which was affected by decreased product prices.

The company stated that this downturn was mitigated by increased revenue from the gas transportation segment due to a tariff increase and an enhanced contribution from the regasification segment. The regasification growth stemmed from the liquefied natural gas (LNG) storage services at Pengerang, Johor, initiated in August 2025.

PGB also declared a first interim dividend of 16 sen per ordinary share, totaling RM316.6 million for the financial year ending December 31, 2026, with payment scheduled for June 23, 2026.

Looking ahead, PGB anticipates maintaining resilience throughout 2026, despite margin challenges, especially in the utilities segment due to rising fuel gas prices amid global geopolitical uncertainties. The company expects that contributions from the gas transportation, regasification, and gas processing segments will continue to ensure earnings stability, supported by a regulated framework and stable long-term contracts.

However, PGB remains vigilant regarding potential indirect effects from geopolitical developments, such as inflationary pressures and supply chain disruptions. The company emphasizes its commitment to enhancing operational resilience, achieving commercial excellence, and optimizing costs, while also focusing on long-term strategic growth to maintain earnings quality for all shareholders.