Kuala Lumpur, 20 April 2021 – PETRONAS Gas Berhad (PGB or the Group) ended 2020 with a commendable performance, achieving Profit After Tax of RM2.08 billion, 5% higher than the previous year. With robust financial results, the Group declared total dividends of 127 sen per share for the year including a special dividend of 55 sen per share, which translates to a healthy dividend payout ratio of 125% compared to 84% in 2019.
PGB held its 38th Annual General Meeting (AGM) virtually today to present the Company’s performance to its shareholders for the financial year ended 31 December 2020. The AGM was chaired by the company’s Chairman, Adnan Zainol Abidin, who is also PETRONAS’ Executive Vice President & Chief Executive Officer of Gas + New Energy, together with PGB Managing Director and Chief Executive Officer, Abdul Aziz Othman and PGB Chief Financial Officer, Shariza Sharis Mohd Yusof. The event was also joined by other Board members and shareholders remotely from their respective locations.
While Adnan noted that 2020 has been extremely challenging due to the chain effect from the COVID-19 pandemic, PGB has remained resilient and was able to weather these impacts better as the Group’s businesses are protected by long-term contracts. Adnan added, “Our quick and effective response to COVID-19 to safeguard our people and operations ensured zero disruptions as PGB fulfilled its commitments and essential services on delivering gas to the nation.”
In meeting Malaysia’s energy demands, PGB continued to run its operations safely and effectively with health and safety as the top priority. To reduce the risk of COVID-19 transmission at the workplace to as low as reasonably practicable, PGB was quick to leverage on digital technologies to run its business, ensure seamless communication for office-based staff working from home as well as strict adherence to all the relevant Safety Operating Procedures for those required to be at site.
During the AGM, Abdul Aziz highlighted that PGB’s stellar 2020 performance was achieved through the Group’s focus on safety, reliability and efficiency of operations. PGB’s current transformation agenda – 301Q99 Pushing Forward – continues to be the anchor in driving operational and commercial excellence, while simultaneously establishing inroads in providing ancillary services. As a result, PGB was able to maintain strong revenue for the year driven by higher asset reliability and lower cost of operations.
For 2021, Abdul Aziz remains optimistic with the expected economic environment recovery backed by the rollout of the National COVID-19 Vaccination Program as well as Bank Negara Malaysia’s prediction on gross domestic product growth. While PGB continues to support the gas industry liberalisation through Third Party Access, the Group also strives to evolve in tandem with pace in its business growth with various opportunities being assessed.
“In addition to sustaining our core business, we will be focusing on three key growth areas: Firstly, to position PGB in providing integrated solutions for power and utilities in the new industrial zones in Malaysia. Secondly, to explore opportunities to grow in Malaysia and regional power generation and regasification capacities including operation & maintenance services, leveraging on our experience and expertise. Finally, PGB is also identifying step out opportunities, assessing businesses that are adjacent to our existing business; and relevant to energy transition,” said Abdul Aziz.