SHAH ALAM, SELANGOR, 25 May 2021 – Gas Malaysia Berhad (“Gas Malaysia” or “the Group”), a member of MMC Group, sustained a creditable performance for the year ended 31 December 2020. For the period under review, Gas Malaysia recorded a revenue of RM6.69 billion compared with RM6.89 billion for the preceding year. This was mainly due to lower average natural gas selling price coupled with a slight decrease in the volume of natural gas sold. Profit After Zakat and Tax increased 11.8%, registering at RM212.6 million compared with RM190.1 million achieved in the preceding year.
At the recent Annual General Meeting (“AGM”), Group Chief Executive Officer of Gas Malaysia, Encik Ahmad Hashimi Abdul Manap said, “The Group managed to sustain its business model and registered commendable results despite the economic challenges brought about by the Covid-19 pandemic.”
The AGM was conducted virtually and it was broadcasted from Gas Malaysia’s Resource and Training Centre in Shah Alam to adhere to the government’s guideline in curbing the spread of the Covid-19 virus.
Commenting on the Group’s operational performance for financial year 2020, Encik Ahmad Hashimi commented, “We stayed on course in our quest to deliver long-term value by meeting our Natural Gas Distribution System (“NGDS”) network development targets, maintaining operational excellence, obtaining new customers and optimising our costs where possible. For the year under review, Gas Malaysia expanded the NGDS network by approximately 132 kilometres, bringing the total length of gas pipelines to 2,600 kilometres. We were also successful in renewing all gas supply agreements with our existing industrial customers.”
“It is important to note that the gas industry remained resilient even though our economy was impacted due to the pandemic. This demonstrated that there was a strong underlying demand for natural gas within Peninsular Malaysia,” he elaborated.
“The Covid-19 pandemic and its impact on the global and Malaysian economy has left a lasting impression. As we move ahead, the Group anticipates the year 2021 to improve and be more encouraging. As a business entity built on strong fundamentals, we will continue to align our business portfolio to strengthen our resiliency, leverage on new growth opportunities and address challenges head-on. This will allow us to further improve on our value creation abilities thus ensuring sustainable growth for the Group.” he concluded.
