SHAH ALAM: Gas Malaysia Bhd (Gas Malaysia) will allocate between RM1.2 billion and RM1.4 billion for capital expenditure to build up to 800 kilometres (km) of gas pipelines in Peninsular Malaysia in the next five years.
GUIDED by its vision to be an innovative value-added energy solutions provider, Gas Malaysia Bhd, a member of MMC Group, stayed resilient and managed to mitigate the unprecedented impact brought by the Covid-19 pandemic. During the Movement Control Order (MCO) period, Gas Malaysia’s industrial customers’ businesses, which amount to about 99% of its total gas volume sales, were impacted.Despite the imminent challenges arising from the Covid-19 outbreak, Gas Malaysia managed to capitalise on the opportunity to meet the energy requirements by supplying gas to non-affected customers, mainly from the rubber industry.These companies ramped up their productions during the MCO period and Gas Malaysia’s sales volume was bolstered by the higher gas demand for rubber gloves production during the pandemic and able to reduce the impact due to the drop from other sectors.
KUALA LUMPUR (May 25): Gas Malaysia Bhd expects its performance to improve this year, and will continue to align its business portfolio to strengthen its resiliency, leverage new growth opportunities and address challenges head-on.
In a statement today, group chief executive officer Ahmad Hashimi Abdul Manap said this would allow Gas Malaysia to further improve on its value creation abilities, thus ensuring sustainable growth for the group.
In the financial year 2020 (FY 2020), the company recorded a higher net profit of RM212.62 million from RM190.11 million in FY2019.
Revenue, however, decreased to RM6.69 billion from RM6.89 billion previously, mainly due to lower average natural gas selling price, coupled with a slight decrease in the volume of natural gas sold.