PetGas Q2 Profit Lifted by Higher Tariffs, New LNG Storage
Petronas Gas Bhd (PetGas) reported a modest increase in second-quarter net profit, driven by higher gas transportation tariffs and new liquefied natural gas storage revenue that offset weaker utilities performance.
The company's net profit for the three months ended June 30, 2026 rose to RM453.33 million from RM450.19 million a year earlier, according to a filing with Bursa Malaysia on August 26. Revenue slipped 5.6 percent to RM1.50 billion from RM1.59 billion.
The increase in gas transportation revenue was attributed to the higher regulatory period three (RP3) tariff, supported by growth in the regulated asset base following the successful execution of RP2 projects. The company also cited upward tariff adjustments primarily related to the sharing factor for prior years' under recovery of internal gas consumption (IGC) price in accordance with the Incentive-Based Regulation (IBR) framework by the Energy Commission.
PetGas Managing Director and Chief Executive Officer Abdul Aziz Othman said, 'This reflects the strength of our regulated and long-term contracted businesses, supported by disciplined cost management, strong asset reliability, and proactive asset stewardship.'