Content2011 - PETRONAS Gas Berhad

Financial Review
Profit
The Group recorded higher profi t before tax
by 52.8% (RM656.5 million) from RM1,243.8
million to RM1,900.3 million.
Our associate company, Gas Malaysia Sdn.
Bhd. (GMSB), contributed share of profi t
after tax of RM60.7 million whilst our jointly
controlled entity, Industrial Gases Solutions
Sdn. Bhd. (IGS), contributed share of profit
after tax of RM1.2 million. The total share of
profi t after tax of equity accounted associate
and jointly controlled entity amounted RM61.9
million, an increase of 18.6% (RM9.7 million)
compared to the previous year.
Our subsidiary, Kimanis Power Sdn. Bhd.
(KPSB) registered a RM0.5 million loss during
the year.
Taxation expense at RM461.2 million was
higher by 52.2% (RM158.1 million) from
RM303.1 million in the previous year. Effective
tax rate was at 25.1% compared to 25.4%
for the previous year, and approximates the
statutory corporate tax rate.
As a result, the Group recorded the highest
ever profi t after tax of RM1,439.1 million, an
increase by 53.0% (RM498.4 million) from
RM940.7 million in the previous year. Earnings
per share (EPS) for the Group increased by
52.7% (25.1 sen) from 47.6 sen to 72.7 sen,
with 3.1 sen attributed to our 20% interest
in GMSB.
dividends
Group Financial Performance (RM million)
3,415
3,222
3,525
2,194
2,044
Revenue Cost of Revenue Profit Before Tax Profit After Tax
During the year, the Company paid interim
dividend of 15 sen per share under the single
tier tax system amounting to RM296.8 million.
The Board of Directors is recommending a
fi nal dividend of 35 sen per share under the
single tier tax system, amounting to RM692.6
million in respect of the fi nancial year ended
31 March 2011. This, together with the
interim dividend, will result in total gross and
net dividend of 50 sen per share, representing
a payout ratio of 68.7% on the profi t after tax
for the fi nancial year ended 31 March 2011.
68 petronas gas berhad (101671-h)
1,738
1,231
2009 2010 2011
Assets
1,244 1,900
Total assets for the Group increased by 6.9%
(RM675.2 million) from RM9,834.7 million as
at 31 March 2010 to RM10,509.9 million as at
31 March 2011.
Property, plant and equipment decreased
by 1.1% (RM77.6 million) from RM6,908.2
million as at 31 March 2010 to RM6,830.6
million as at 31 March 2011. This was mainly
after depreciation charges for the year and
provision for impairment totalling RM724.8
million negated by net additions of RM647.2
million.
Investment in associate increased by 0.6%
(RM1.1 million) to RM175.1 million as at
31 March 2011 compared to RM174.0
million as at 31 March 2010, after taking
into consideration our share of profi t in
GMSB of RM60.7 million and dividend
received of RM59.6 million. On the other
hand, investment in jointly controlled entity
decreased by 42.2% (RM1.9 million) to RM2.6
million as at 31 March 2011 as compared to
RM4.5 million as at 31 March 2010 as result
of dividend received of RM3.1 million, offset
by share of profit in IGS of RM1.2 million.
928
941
1,439