198301006447 (101671-H)
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Chairman's Message
Message from the MD/CEO
Group Financial Review
Against the backdrop of a challenging operating environment in 2023, PGB delivered resilient operational and financial performance while making progress across sustainability, governance and strategic initiatives.
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Chairman
Earnings per Share
Increased by
Dividends
sen per share
Market Capitalisation
Navigating through a challenging operational terrain, PGB achieved strong financial results and maintained world-class standards in operational excellence throughout 2023. We have refined and fortified our growth and sustainability strategies, positioning the Group for resilience and stability amidst the evolving energy landscape.
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Group Revenue
Increased by
million
Gross Profit
billion
Profit After Tax (PAT)
billion
In 2023, PGB demonstrated resilience to record a strong financial performance despite continuing to face external headwinds such as elevated fuel gas prices and a weakening Ringgit. Our steadfast commitment to operational excellence and delivering enhanced cost efficiencies played a vital role in mitigating the impact of these challenges.
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GROUP REVENUE
billion
EBITDA
billion
EARNINGS PER SHARE
sen
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Valued
Outcomes
Our Value
Proposition
Core Business And
Business Activities
Our Six Capital Inputs
A Progressive Energy and Solutions Partner Enriching Lives for a Sustainable Future
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To ensure clear demarcation and objective execution of our sustainability endeavours, we have adopted the Four Sustainability Lenses as stated in the PETRONAS Sustainability Development Guidelines i.e., Sustainable Value Creation, Safeguard the Environment, Positive Social Impact and Responsible Governance.
Stable profit generation underpinned by term contracts, safe and reliable operations, and effective portfolio management.
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FINANCIAL
| 2022 | 2023 | |
|---|---|---|
| Equity funding (%) | 77.8 | 81.4 |
| Debt funding (%) | 22.2 | 18.6 |
| WACC (from Bloomberg) (%) | 7.2 | 8.6 |
| Interest gained from investment (RM million) | 120.2 | 149.2 |
| Interest expense paid (RM million) | 196.7 | 169.2 |
| Market capitalisation (RM billion) | 33.9 | 34.4 |
NATURE
| 2022 | 2023 | |
|---|---|---|
| Natural gas input (mmscfd) | 1,877 | 1,873 |
| Freshwater withdrawal (million m3) | 8.2 | 8.3 |
| Land area (hectare) | 5,008 | 5,103 |
ASSET
| 2022 | 2023 | |
|---|---|---|
| Plant OEE (%) | 99.8 | 99.7 |
| PGU Reliability (%) | 99.9 | 99.9 |
| Salesgas PDR (%) | 100 | 100 |
| Utilities PDR (%) | 99.9 | 99.5 |
INTELLECTUAL
Brand
Innovation
Intellectual Property Management
Systems and Processes
HUMAN CAPITAL
| 2022 | 2023 | |
|---|---|---|
| Number of employees | 1,763 | 1,821 |
| Training mandays per employee | 8.2 | 13.1 |
| Employee Cost (RM million) | 416.8 | 493.4 |
| Investment in training per employee (RM thousand) | 5.1 | 7.4 |
SOCIAL & RELATIONSHIP
Investors and Funding Institutions
Customers
Business Partners
Suppliers and Vendors
Employees and Unions
Government Agencies and Authorities
Communities
Media
GAS PROCESSING
GAS TRANSPORTATION
REGASIFICATION
UTILITIES
Sustainable Value Creation
Mitigating Climate Change
Environmental Management
Ensuring Water Security
Biodiversity Impacts
Occupational Health and Safety
Talent Management
Human Rights
Supplier Social Impact
Equal Opportunity, Diversity and Inclusion
Community Engagement
Business Ethics and Transparency
Cybersecurity and Data Privacy
FINANCIAL
| 2022 | 2023 | |
|---|---|---|
| Operating profit (RM billion) | 2.32 | 2.27 |
| Cash from operating activities (RM billion) | 2.93 | 3.01 |
| EBITDA (RM billion) | 3.24 | 3.27 |
| Earnings per share (EPS) (sen) |
83.16 | 91.96 |
| Dividend per share (DPS) (sen) |
72 | 72 |
NATURE
| 2022 | 2023 | |
|---|---|---|
| Energy Efficiency Index | 91.5 | 94 |
| GHG Emission (million tonnes CO2e) |
5.8 | 5.9 |
| Hazardous waste generated (tonnes) | 1,530 | 2,817 |
| Hazardous waste recycled (tonnes) | 847 | 2,083 |
| Waste recycled (%) | 64 | 74 |
ASSET
| 2022 | 2023 | |
|---|---|---|
| Salesgas delivered (mmscfd) | 2,188 | 2,187 |
| Ethane delivered (MT/hr) | 142 | 136 |
| Electricity (GWh) | 1,708 | 1,568 |
| Steam (kMT) | 4,821 | 4,565 |
| Industrial gases (mil Nm3) | 640 | 606 |
INTELLECTUAL
| 2022 (301Q99) |
2023 (G5dot5) |
|
|---|---|---|
| Key Result Areas | 64 | 90 |
| Value Creation (RM million) |
123.1 | 259.3 |
HUMAN CAPITAL
| 2022 | 2023 | |
|---|---|---|
| Technical Specialist qualified Leaders (%) | 68 | 88 |
SOCIAL & RELATIONSHIP
FINANCIAL
Through the allocation of our financial capital towards the extraction of natural resources, we strive to generate and amplify value. Consequently, this endeavour has a beneficial effect on our asset, human, intellectual, and social and relationship capitals. Nonetheless, this approach may lead to the depletion of our natural resources.
NATURE
We affect natural resources through our business processes as well as emissions. To address and minimise this impact, we tap into our financial, asset and human capitals.
ASSET
In the short term, we utilise and deplete our financial capital to enhance asset performance. However, in the long term, this contributes positively to our financial, natural, human, and social and relationship capitals.
INTELLECTUAL
When we invest in intellectual capital, this reduces our financial capital for the short term. Nevertheless, over the longer term, our financial, natural, human as well as social and relationship capitals will all be strengthened.
HUMAN CAPITAL
While initially affecting the company's profits, investing in learning and development is poised to yield long-term benefits. These include improved productivity and to sustain organisational performance.
SOCIAL & RELATIONSHIP
Process PETRONAS’ upstream natural gas from offshore Peninsular Malaysia into salesgas, ethane, propane and Butane
Process PETRONAS’ upstream natural gas from offshore Peninsular Malaysia into salesgas, ethane, propane and Butane
Strategic Objectives
Initiatives
OPERATIONAL EXCELLENCE
Value optimisation through innovative, efficient, and agile operational strategies, leading to:
Commercial EXCELLENCE
Successful revision of 3rd Term GPA with comparable value to previous GPA term.
Achieved highest IGC incentive in GPA 2nd term through various continuous improvements.
GROWTH
Undertaken studies on potential new business that has a strategic fit with Gas Processing, i.e., carbon abatement projects in Kertih.
Transport salesgas, ethane, propane and butane to end-customers through Peninsular Gas Utilisation pipeline networks
Transport salesgas, ethane, propane and butane to end-customers through Peninsular Gas Utilisation pipeline networks
Strategic Objectives
Initiatives
OPERATIONAL EXCELLENCE
Deployment of Gas Transmission Optimisation (GTOPs) digital application, harnessing machine learning to optimise internal gas consumption.
Successful installation of Automated Unmanned Aircraft System, long-range drones which complement existing nested by providing additional security in remote locations and undertaking surveillance and monitoring of our assets.
Commercial EXCELLENCE
Commissioning of gas supply to new customer in Banting.
GROWTH
Completion of pipeline extension project in Pulau Indah.
Receive, store in Regasification Terminal in Sungai Udang and Pengerang, and convert Liquified Natural Gas to salesgas
Receive, store in Regasification Terminal in Sungai Udang and Pengerang, and convert Liquified Natural Gas to salesgas
Strategic Objectives
Initiatives
OPERATIONAL EXCELLENCE
Established the PGB Unified Operations Centre (UOC) in Segamat, where the regasification assets are monitored and controlled from the UOC for better efficiency and improved safety.
Commercial EXCELLENCE
Early settlement of our long-term USD contract for the Floating Storage Units (FSUs) at RGT Sungai Udang which help to mitigate unrealised forex exposure.
GROWTH
Achieved FID for additional LNG storage at Pengerang.
Produce, market and supply electricity, steam, industrial gases and other utility products to various petrochemical businesses and third parties in Kertih and Gebeng
Produce, market and supply electricity, steam, industrial gases and other utility products to various petrochemical businesses and third parties in Kertih and Gebeng
Strategic Objectives
Initiatives
OPERATIONAL EXCELLENCE
Established agile cogeneration plant configuration and New Enhanced Dispatch Agreement (NEDA) export optimisation to achieve optimum efficiency on steam and power production while meeting product demand.
Commercial EXCELLENCE
Commissioned supply for new revenue stream ie. new customer PCC Oxylalkylates Malaysia Sdn. Bhd. at PETRONAS Petroleum Industry Complex.
Secure and renew contracts with key customers/suppliers:
GROWTH
Achieved FID for cold energy ASU at Pengerang.
Undertaken the studies on potential business expansion business that is a strategic fit with Utilities segment.
