GAS Malaysia Bhd’s net profit for the first quarter ended March 31, 2026 (1Q26) fell 7% to RM92.83 million from RM100.13 million a year earlier, marking its sixth consecutive quarter of earnings decline.

Revenue dropped 13.3% to RM1.59 billion from RM1.84 billion previously, mainly due to lower average natural gas selling prices, although this was partly offset by higher sales volume.

In a Bursa Malaysia filing, the natural gas distributor said weaker earnings were also caused by lower finance income, weaker contributions from joint venture companies, and higher administrative and finance costs.
 

Looking ahead, Gas Malaysia said it expects to deliver a satisfactory performance for the financial year ending Dec 31, 2026, while remaining mindful of prevailing uncertainties.

The group said it may incur additional near-term costs as it pursues opportunities in new business segments under its 10-year business plan unveiled in 2023.

The plan includes expansion into new energy solutions such as biomethane, diversification into chemicals and advanced materials, and potential geographical expansion.

“While these initiatives may entail additional near-term cost commitments, the group remains focused on cost discipline and operational resilience,” it said. –TMR