Oil & Gas Integrated / Gas Infrastructure and Utilities
Strategic Profile
The company receives processing fees under multi-year contracts by processing natural gas piped offshore for its parent company PETRONAS, and its Gas Transportation business encompasses the transmission of offshore natural gas through pipelines to customers in Malaysia and Singapore under multi-year agreements with PETRONAS. The company is exploring regional power solutions and expanding its industrial gases business while focusing on expanding renewable energy projects.
Cyborg Score Rationale
The company has a market cap of approximately 35.8 billion MYR with a PE ratio of 20.09 and benefits from stable, long-term contracts with its parent PETRONAS. However, recent headwinds from unfavorable exchange rates and declining utility revenues have pressured margins, offsetting the strength of its regulated business model.
Top Insights
Shareholders approved an internal restructuring plan in February 2026 to separate regulated and non-regulated businesses, creating independent subsidiaries for gas transportation, gas processing, and utilities.
The company offers an attractive dividend yield of 3.98%.
Net profit declined to RM444.23 million in Q3, primarily due to lower profit margins impacted by declining utility revenues, high depreciation, and unfavorable exchange rates.
The company has 1,868 total employees and operates in the Oil & Gas Integrated sector.
Named Competitors
MISC — Regional energy infrastructure company
Tenaga Nasional — Malaysian utility and power generation
YTL Power — Regional energy and utilities provider
Recent Developments
(February 2026) Shareholders approved business restructuring plan to separate regulated and non-regulated operations
(Q3 2025) Net profit decline due to lower utility revenues and unfavorable exchange rates
(2025) Exploring regional power solutions and expanding industrial gases business
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