Sukiman, Chief Financial Officer, and Encik Hisham Maaulot, Head of Business Development and Commercial. The PETRONAS Gas Berhad's analyst briefing for quarter ended 30th September 2023, is divided into 4 segments. Firstly, Encik Aziz will present the key highlights for PETRONAS Gas Berhad for the quarter. Secondly, the business updates and financial performance will be shared by Shahrul Azham, and next, Encik Aziz will return to share PGB's focus moving forward. Finally, we will have the session for Q&A. All participants are reminded to obey the session's rule, where everyone should be on mute throughout the session. We will be showing the presentation throughout the briefing, and we have also shared a copy of the presentation to all of you prior to the session. During Q&A, you are allowed to ask questions.
Please be reminded to press the Raise Hand button, and we will open the microphone for the selected participant. For reference, our financial results is now available at both Bursa Malaysia and PGB websites. Without further ado, I will hand over to Encik Aziz for the key highlights. Encik Aziz?
Thank you, Suriyanti. Assalamu alaikum, and good afternoon, everyone. Thank you for joining us today. I'm pleased, as always, to be with you today to announce the results of PETRONAS Gas Berhad quarter three performance. Before we go into the results, I'd like to share with you some of the key external environment developments that have impacted and may still impact our PGB business operating environment. First, can we go to the... With regard to geopolitical tensions, now, the recent Middle East tension has, which has prolonged for over a month now, and may trigger a potential risk, such as, first, on the supply chain disruption, which is, given that the Suez Canal is main passage to Europe , in the Middle East.
So far, for us yeah, we foresee no immediate impact as current projects are progressing well within our risk, mitigation, measures. Secondly, the ongoing conflict between Ukraine and Russia, which has already caused energy market disruption. We expect it will further escalate, commodities, prices. Of particular concern to PGB is the Brent price, which has been recording above $80 per barrel over the past, few weeks. And due to the lagging effect of Brent to the MRP, we may see this trend impacting us in the first quarter of 2024. This, this impact to MRP and our utility business will be continuously, obviously monitored, yeah. Another commodity movement, which may impact our business is the energy price, particularly coal price.
We have seen the record high coal prices in 2022, and that has forced the government to increase the imbalance cost pass-through for the ICPT surcharge to a record high of MYR 0.20 per kWh in 2023. Forex always a subject for us. The fluctuation, the Malaysian ringgit has weakened substantially, first due to the relatively high U.S. interest rates against other G7 countries. The relatively strong U.S. economy against other countries and, of course, with the conflict in the Middle East. So, with that, you know, two critical areas for PGB, which we have been working on effective mitigation on the cost escalation for projects and operation. So, this is currently being monitored closely. We have potential short-term hedge when necessary.
And the USD lease liabilities , you know, we have announced a settlement for RGTSU. So, because of that, our current exposure is small, post prepayment of debt. We are continuing to look for further reduction opportunities. Sustainability. Today, we have seen heightened sustainability requirements in Malaysia, and we see it has become an essential aspect for businesses, not only as a measure of compliance, but also as a fundamental license to operate. Our major shareholders, such as PNB, EPF, et cetera, have communicated their sustainability investing requirements, as also indicated by the Institutional Investors Council, IIC, of Malaysia. Regardless, PGB is serious about sustainability. As all of you are aware, we have published our sustainability blueprint, and this blueprint governs our sustainability journey along four lenses of sustainable value creation, safeguard the environment, positive social impact, and responsible governance.
On this front, we will continue to monitor this development, and based on the blueprint, we'll increase on our efforts in engaging our stakeholders for better understanding of our sustainability ambitions. Last but not least, cybersecurity. There are new cybersecurity regulations, which we expect to be established by the country. Among the objective are to streamline the coordinating activities of authorities, for example, the National Cybersecurity Agency, and to respond to increasing cyber threats, and to monitoring of emerging technologies such as AI and advanced cloud computing. PGB subscribe and support the PETRONAS' digital transformation, including cybersecurity, which over the last two years, we have been actively embarking on various projects to protect us against this threat.
So, with this new expected regulation, we see a potential in enhancing our digital platform, and one such example is improving our current crisis management and recovery procedures. Now, from the current development in external environment mentioned earlier, let's take a look at the impact they have on PGB's business operation. The commodity prices, as mentioned, especially Brent, and energy sources, oil in particular, have been on the rise and maintaining at a high level in the recent years. For the Malaysia Reference Price, the trend lagged 3-4 months behind the Brent price. Therefore, although MRP has dropped in the last few months to MYR 42 per MMBtu in quarter two, 2023, from almost, from about MYR 48 per MMBtu in quarter two, 2023, and of course, a peak of 58 per MMBtu in quarter one, 2023.
We expect MRP to climb back up in the next few months following the current trend of Brent. Malaysian ringgit is also on an unfavorable forward trend, leading to increased Service Producer Price Index, SPPI. This, of course, will affect our operational and maintenance spending. The higher cost of energy for Peninsula Malaysia in recent years have also resulted in higher ICPT surcharges, which is decided by Suruhanjaya Tenaga, required to soften the impact of energy costs borne by TNB. For PGB, the changes in ICPT has an impact to our revenue and margin in the utilities segment, specifically to the electricity that we sell to our customer.
So, with this external environment dynamic, while PGB revenue remains stable throughout the year, with the exception, of course, of the utilities segment, overall cost of doing business will continue to be higher in the remaining quarter and expected to continue into the next year. So, ladies and gentlemen, with that external environment perspective, I'm pleased to share with you the highlights of PETRONAS Gas Berhad quarter three performance. Against the backdrop of a challenging market condition, as I've articulated, we delivered a strong performance for quarter three, 2023, and maintained a sustainable dividend to our shareholders. PGB's resilience is backed by our long-term contracts under all segments, supported by consistent world-class operational performance, which was close to 100% during the quarter. At the same time, we have completed the Pipeline Extension project to Banting.
Gas in was achieved in July 2023, and supply to the customer has commenced. We have also achieved a final investment decision for the LNG storage expansion project in Pengerang. We have mentioned about this quite a few times in few of the previous session, and finally, we have reached FID on this. The additional LNG storage capacity of 200,000 cubic meters will mainly be rendered via the floating storage unit. On the third term gas processing agreement, also a subject that we have highlighted a few times in the previous session, we have concluded key terms with PETRONAS, pending the finalization of the overall agreement, and it should be in place for the new term, beginning first January 2024. On financial performance, PGB closed the first three quarters of 2023 with PAT of MYR 1.43 billion , which is an increase of 10.7% from the same period in 2022.
The strong performance for the period was on the back of strong operational performance, further supported by higher profit contribution from joint venture companies, higher interest income from fund investment, and lower Forex movement exposure. Which, of course, following the early settlement of FSU at LNG regasification terminal in Sungai Udang, Melaka. This is further supported by lower tax expenses, resulting from the no imposition of prosperity tax as compared to corresponding period in 2022. Despite the changes to despite entering into RP2 for the gas transmission and regasification business with a lower tariff, we continue to deliver resilient performance, so far for the year. All financial indicators have improved from the same period last year, except for gross profit.
Group gross profit declined 5% to MYR 1.78 billion as a result of higher operating expenses. However, this was cushioned by higher margin contribution from utility segment, in tandem with the higher revenue, as well as a stronger margin following favorable impact of improved terms in the contract renewable, that actually came into effect sometime early this year. EBITDA was higher by 1.1%, or MYR 27.2 million, in line with the higher PBT. EPS, earnings per share, increased by 11.8%, reflecting higher profit attributable to shareholders of the company. Dividend per share for the quarter was approved at MYR 0.18, making it a total of MYR 0.50, which is similar to the same period of last year. So, further details on our business and financial performance will be presented by Encik Shahrul.
Over to you, sir.
Thank you, Encik Aziz. Good afternoon, everyone. So, I shall take you through the business performance for quarter three, 2023, and let's start with the gas processing and the regulated business. Right. For gas processing, we have fulfilled our commitment to our customers by consistently meeting their reservation charge requirement as per the gas processing agreement. We have achieved 99.9% OEE and also 100% reliability for both our key products, C1 and also C2. As far as the project updates is concerned, our cut-off gas rerouting project continued to progress slightly behind schedule due to disruption in the supply chain. Regardless, the slight delay has minimal impact to PGB.
As mentioned by Encik Aziz earlier, on the third term gas processing agreement, negotiation on the key term with PETRONAS has been agreed, pending finalization of the overall agreement. So, the current second term GPA will expire on the 31 December this year, and the new agreement will start in fact by 1 January next year. So, with the gas processing plants continuing to operate at world-class standards, we have managed to record higher performance-based incentive over and above the fixed reservation charges that we have earned, given the availability and reliability of our assets. For gas transportation, our pipeline network sustained close to 100% reliability during the period under review. For the past nine months, our average sales gas delivered was more than 2.1 billion standard cubic feet per day.
For projects, our pipeline extension to Pulau Indah is progressing with slight delay. We are facing some construction challenges, but still within our risk control, and the completion date is within the requested delivery period of our customer. As for the Kluang Compressor Station project, the progress is impacted by the supply chain disruption, as explained earlier. However, there will be no commercial impact as the project is fully socialized and the completion date is still within the RP2 period. And also, as highlighted by Encik Aziz earlier, the new pipeline project to Banting has completed with gas-in achieved in July 2023. For the regasification segment, we sustained full capacity payment supported by strong operational performance at both regasification terminals.
Our LNG regasification terminal in Sungai Udang, Melaka, and Pengerang, Johor, sustained their strong reliability performance at close to 100% during the quarter. Both terminals continue to be operating under remote assistance and insight from the Unified Operation Center in Segamat. We received a total of 43 cargos at both terminals, which is higher than 41 cargos received for the same period last year. As for the LNG storage expansion project, yes, as mentioned by Encik Aziz, we have reached, reached FID in September. The additional energy storage capacity of 100,000 cubic will-- may be rented, will be rented via a floating storage unit. So, we have entered a storage service agreement with PETRONAS LNG Limited for a period of 20 years. All right, moving on to the utilities business segment.
Overall, we continue to fulfill our customers' demand with more than 99% product delivery reliability for our electricity and steam products, supported by higher plant availability and also reliability. For our electricity product, quarter three, 2023 volume was lower than the same period last year, due to lower offtake from customers and lower sales to the grid due to unfavorable pricing during the quarter. For steam product, offtake is slightly lower as per customer demand, and for industrial gases, gas volume delivered was higher compared to the same period last year, in line with higher demand from our customers. The ICPT or imbalance cost pass-through surcharge continues at the rate of 17 sen per kWh for the period of 1 July until 31 December 2023.
This is lower than the first half surcharge of MYR 0.20 per kWh. On the growth projects for utilities, our Sipitang power plant EPCC is currently progressing within schedule. I'd also like to share with the audience today that another project, which is at the front-end loading stage, currently is the new air separation unit harnessing the cold energy that we have in Pengerang. So, we expect this project to achieve FID by end of this year, by end of 2023. Okay, that's on the business updates. Moving on to the financial. I will start with overall result at PGB Group level. In quarter three, 2023, the business continued to run as usual, with sustained revenues amid slightly higher operating costs.
So, against the preceding quarter, quarter 2, 2023, revenue was at MYR 1.55 billion, declined by 5%, mainly attributed to lower revenue from utility segment on the back of lower product prices and lower industrial gas sales volume recorded following the plant shutdown in Terengganu. Gross profit was at MYR 582 million, lower by 11% in line with lower revenue. And correspondingly, PAT was lower by 1% at MYR 491 million, in line with lower gross profit, but partially offset with lower other expenses, particularly lower Forex loss due to the impact of settlement of our lease liability. Against corresponding quarter, quarter 3, 2022, our revenue is marginally lower by 1% due to lower revenue from regasification and transportation segment, following lower RP2 tariff.
And this was offset by higher revenue from utilities and also gas processing segment on the back of higher product prices and higher incentive, respectively. Gross profit decreased by 10% due to higher operating expenses, mainly depreciation expense following higher capital expenditure. Profit for the quarter, however, improved by 11% due to positive impact on early settlement of our U.S. dollar lease liabilities for FSU at Sungai Udang, resulted to lower exposure of Forex, coupled with lower financing costs and lower tax expenses, following discontinuation of prosperity tax as for the year assessment 2023. For the results against corresponding year to date, 2022, our group revenue increased by 7% to MYR 4.86 billion, mainly contributed by higher revenue from utility segment in line with higher product prices.
Gross profit was nonetheless lower by 5% as a result of lower contribution from gas transportation, gas processing, and regasification segments due to our higher operating expenses and lower revenue. This was cushioned by higher contribution from utility segment, mainly due to the higher ICPT, as I explained earlier. Despite the lower gross profit, profit before tax improved by 2% from the positive impact of lower Forex loss and higher share of profit from our JVs companies. The PAT was higher by 11% in tandem with higher PBT, coupled with lower tax expenses. Okay, moving on to the financial performance of our business segments.
Against preceding quarter, quarter 2, 2023, all segments recorded lower gross profit from higher operating expenses, mainly on depreciation, in line with higher capital expenditure and higher level of maintenance activities. For utility segment, the result was lower by 24% at MYR 161 million, due to lower revenue in tandem with the downward revision of ICPT surcharge for the second half of the year. It was MYR 0.17 per kWh for the second half, compared to MYR 0.20 per kWh during the first half of 2023. Against the corresponding quarter, quarter 3, 2022, all segments recorded lower gross profit from higher operating expenses, mainly depreciation and maintenance expenses, as well as lower revenue due to lower RP2 tariff, specifically for gas transportation and regas business.
Result for utility segment, however, rose by 43% at under MYR 61 million, in tandem with higher revenue and stronger margins, following upward revision of ICPT surcharge and lower fuel gas costs, in line with lower product volume. For 9-month results, again, corresponding year-to-date, nine months last year, similar results in for corresponding year-to-date, as per corresponding quarter, and the result was further impacted by internal gas consumption, in tandem with higher fuel gas prices. On the other hand, segment result for utilities surged by more than 100% in tandem with higher revenue and stronger margin, following upward revision of ICPT surcharge and the favorable impact of improved terms in the contract renewals, which allow a more balanced cost pass-through to customers and reduce the business exposure to gas price volatility. Okay, moving on to our balance sheet.
As of 30 September 2023, our group's total asset declined by MYR 470 million to MYR 19.2 billion, mainly due to lower cash as a result of early settlement of our US dollar liabilities for the FSU at RGT Sungai Udang, and this is as part of our strategy to mitigate the foreign exchange exposure. Concurrently, the group's total liabilities also have reduced by MYR 790 million because of the early settlement of the dollar liability. Nevertheless, our cash balance remains healthy with some headroom to play with for existing and also upcoming growth projects for the company. Okay.
As for the dividend, the board has approved the interim dividend of MYR 0.18 per share, and it is payable on the 15 December 2023, and this interim dividend demonstrates our commitment to ensure a sustained level of return to shareholders, despite the ongoing economic conditions. With that, we end the financial section. To summarize our quarter three performance, we again sustain world-class operational performance. Our excellent operations in quarter three continue to be the basis of our strong business performance, again, achieving close to 100% reliability in delivering products and services to all of our operating segments. Financially, despite the lower RP2 tariffs for our regulated business, revenue for quarter three 2023 was higher than same quarter in 2022, mainly due to higher revenue from utility segment on the back of higher product prices.
In line with the higher gross profit, profit for the period also improved. This is also contributed by higher profit from joint venture companies, high income from fund placement, lower Forex movement exposure, as well as lower tax expenses. This is all from me. I will now pass the line over to Encik Aziz to share on the company outlook moving forward.
Thank you. Thank you, Shahrul. Ladies and gentlemen, so despite the challenging business environment ahead, we are optimistic in delivering another resilient performance. Our focus, as always, will be on safety, reliability, and operating costs to ensure revenue with healthy margin, while also looking at opportunities for growth and sustainable value creation. As we mentioned a few times, the key projects in the pipeline, among others, are the new Popok Compressor Station , which is an ongoing project. The LNG storage expansion in Pengerang, which is a development of a floating storage facility. As I mentioned, we have FID recently, and the Sipitang Power Plant, which is currently under construction. As we have mentioned before, the National Energy Transition Roadmap, NETR, reaffirms the importance of, and the relevancy of, the natural gas business for Malaysia.
Its catalyst projects and initiatives, I'm sure will provide several opportunities for PGB in its pursuit to grow our green portfolio. So, we are currently exploring opportunities in solar, hydro, and carbon capture and storage, which is, as highlighted in our sustainability blueprint, to support our target to achieve net zero carbon emission by 2050. For hydro, with our partner, Menteri Besar Terengganu Incorporated, we are assessing a 40-megawatt mini hydro power plant development. For solar, we have a potential partner exploring the opportunity to develop solar PV capacity up to 150 megawatts, to supplement our contractual commitment today with this green solar power. And we have an ongoing cooperation with PETRONAS to assess an onshore CO2 gathering hub in Kertih, as part of PETRONAS' decarbonization program.
This effort demonstrated our commitment to build a green portfolio towards meeting our net zero carbon emission 2050 aspiration and targets. Ladies and gentlemen, that's all for now. Let's move to question and answer. Thank you.
Thank you, Encik Abdul Aziz and Encik Shahrul. We have now come to the question-and-answer section of the briefing. Please be reminded to continue to obey the session's rules, where everyone should be on mute. To ask a question, please press the Raise Hand button, and we will open the microphone for the selected participant. You may also type your question in the chat box, and we will read it out loud for you. Let's start. First question is from Daniel. Hi, Daniel.
Can you hear me?
Yes.
Yeah. Hello. Hi. Okay. My first question is, with regards to what is the expected cost on maintenance in the fourth quarter. Are we expecting these, operational costs, including their maintenance, including their FID, I mean, the internal IGC, internal gas, and the maintenance costs to be even higher in the fourth quarter as compared to the third quarter? And my second question is, with regards to this, collaboration with, MBI, Menteri Besar Incorporated, Terengganu, I think. This 40-megawatt mini hydro and 550-megawatt hydro, is it currently is more of a MOU stage, or it's already more on a progress stage that we already can say it can almost be confirmed, this kind of capacity that can be developed? That's all from me. Thank you.
Thank you. On the first one, as I mentioned, the OpEx, we expect to be similar to quarter three. Of course, we mentioned also the gas price could go slightly higher. So but overall, we expect it to remain similar to quarter three. Yeah. Now, on the hydro, the MOU was signed sometime middle of this year, so we have now embarked on feasibility study. So, of course, it depends on the result of feasibility study before we decide whether we want to invest on the FID. Yeah. And we expect sometime middle of next year to complete the feasibility study. On the solar, we are in discussion with our potential customer, because as you know, today, we are selling electricity using gas generation.
So, it's about complementing the same, molecule that we are generating with gas, with this solar. And there are land, that we have in Kertih, and Gebeng that we intend to explore and develop a solar farm just to complement, the electron that we are selling today, to be more great. Yeah.
Thank you, Daniel. There's no, no one raising their hands yet. Do you have any other questions? Next, we have Anshul Singhi . Yes, Anshu.
Hi, can you hear me?
Yes. Yes.
I have a couple of questions. Let me just start with, can you share what was the average MRP between second quarter and third quarter?
If you go back to the slide, second slide. Also, we are going back to the second slide. So, this is the trend of MRP. Quarter two, quarter three of 2023. Quarter two, about MYR 48, and then quarter three, MYR 42.
So quar-
In quarter one, it's 58.
Quarter three was 42, is that correct?
Yes.
Can you just talk about the trends of the IGC costs for all the gas segments?
Gas segment...
Processing and transportation and regasification.
It's comparable, quarter two and quarter three, comparable, because, you know, the IGC is something that the regulator has agreed for us to... You know, if we spend, if the price is higher than what has been approved under the RP, we actually can recover it. Volume also, if we save, we can actually recover a portion of it. Yeah?
Yes, I understand. I'm just trying to understand why there was a margin compression if gas cost was lower and the IGC cost incurred also was lower. Like, what was the incremental maintenance expense or activity that you were seeing?
You look at the utility business. Remember, we have the benefit of ICPT. First quarter, the government actually announced MYR 0.20 ICPT. Then, the next 6 month, the first half of the year, then the next 6 months, from July to December, it was reduced to MYR 0.70 from MYR 0.20.
What about the other segments, gas processing and transport, and also transportation?
For gas processing, the margin is slightly lower on the back of higher operating expenditure, because we're seeing higher level of maintenance activities and also high depreciation following capitalization of our projects.
Clear, Anshul?
And similar for transportation as well?
Yes. Correct. Correct.
I understand. I also wanted to get a clarification on the lower interest cost. Was this due to the closure of the lease liabilities related to the RG, RGT's ICU?
Yeah, you understood it very well, Anshul. We-
And-
settled this liability that we have, so we have less cash.
The interest costs were lower because of that as well?
Yeah.
I understand. You mentioned about the conclusion of negotiations for the new gas processing agreement. Could you just provide some more details? Because I remember there's an existing agreement until 2033. What's the difference and what exactly is this new agreement?
So, the shipper book the capacity until 2033, but there's like a 5 years.
Interval
... interval, where they will review the tariff, the return and whatnot, and agree for a 4 or 5 years period. 4, 5 years period. So, the current 5 years period will expire end of November. So, what we have concluded is for the next 5 years. Yeah.
I understand. Can you share in terms of... I'm guessing this is the volume booked as well. Has there been any meaningful changes in that?
It is a capacity reservation concept. I think similar to the gas transmission and regasification, where the shipper book the capacity, and the return, I can say that that is provided to us is based on industry benchmark, that we have negotiated and agreed with, yeah.
Can I assume there has been no change in the capacity booked between this five-year period, which is going to complete in December, and the new five-year period, which is going to start on first January?
The capacity is booked remain the same. Of course, the return and whatnot is negotiated. The same performance incentive are in there. So, structure-wise, the same, but of course, there's always the details of return that is a subject of negotiation, every term that we discuss.
I understand. My last question is with regards to the gas cost in 4Q. What's the MRP in 4Q?
MRP.
Can I keep it? What the-
What the-
41.5.
41.5.
So, it is.
Yes, Anshul.
Yes, ringgit. Yeah. So, this is lower compared to 3Q. Are you saying that the OpEx, overall OpEx, is going to remain the same between 4Q and 3Q? So, slightly higher maintenance activity in 4Q as well. Is that fair to assume?
Yeah. Normally, yeah. Normally, we spend more in fourth quarter, so, its kind of slightly higher, but the gas cost was slightly lower, so, that's why it almost remained the same.
I understand. I think I'll get back into the queue. Thank you.
Thank you.
Thank you, Anshul. The next we have in the queue is Max Hi, Max. Max? Max, please-
Hello, can you hear me?
Yes.
Okay, great. Yeah, thanks, thanks for the call. Just one question. Can I ask, when can we expect for the GPA terms to be announced? And also what sort of increase can we expect for the next one?
Yes, I think give us time. Similar to GP, the RP, we will arrange for a briefing session. Hopefully, hopefully very soon, Max. We still have until year-end to sign the agreement, because it's only expiring until year-end. As mentioned, everything is aligned. Of course, I have to go through the motion of getting the necessary approval in place. That's all what we have now.
Okay, great. Thanks. Okay. Looking forward to that, briefing. That's all from me. Thank you.
Thank you, Max.
Thank you, Max. I think I'll take the question in the chat box first. One is from Sean Lim. Any key difference between the third term GPA and the current one?
Let's wait for that. Once we sign the whole thing, we'll share in next year, AB, which will cover quarter four and the full year, after our board in February. Yeah.
Okay. Second question from Sean. What is the total CapEx for LNG storage expansion project, and when is the targeted completion? You answered that.
Tango.
Yeah, Tango. Capacity, CapEx and targeted completion.
We expect to complete this sometime in, what, second half of next year. CapEx in excess of MYR 100 million. Just over MYR 100 million. Yeah.
Third question from Sean: What is the targeted CapEx allocated for greening your portfolio?
As I've mentioned, it's still a feasibility study stage, so we are still assessing the CapEx versus the return and whatnot. So, I can't. I don't have the specific number at this moment. Yeah.
Okay, that's all from Sean. I think another question from Max, sorry, from Daniel. Daniel, do you wanna... Hi, Daniel.
Yeah. Hello, can you hear me?
Yes.
Yeah. Actually, I typed the question in the chat box. Never mind, I just repeat the question here. So, the 150 MW solar, is it a land-based solar or a rooftop solar? Then secondly, does PS need to go through Tenaga or commercial, energy commercial for this solar project, or just to enter into commercial terms with the commercial or industrial off-taker?
Okay, it will be land-based, because I mentioned we have land in Kertih that we intend to optimize. You see, under our utility segment, we actually have a licensed area that we can supply electricity to. So, what we have started discussion with SB, just to supply for our licensed area, which we think we shouldn't go through TNB. That's the plan. Yeah.
Okay. Daniel, are there any more questions? Okay, one more question from Anshul.
Hi. Thank you. I had a follow-up question regarding the CapEx. Can you share what's been your CapEx spend, the nine months, 2023, and the CapEx guidance for 2024? And can you split it between maintenance and the other CapEx?
Yeah, for CapEx, as at year to date, nine months, we have spent close to MYR 800 million, and we think for the full year, it will be somewhere to the level that we hit last year, comparable to last year.
That's around MYR 1.1 billion-MYR 1.2 billion?
That's, that's the amount that we spend every year on operational CapEx, so, we expect to be almost, almost the same. Yeah.
... for next year?
Operational, we expect to be on the same magnitude. Yeah. But growth, of course, it will depend on whether we-
Sanction projects.
Sanction projects. As you're aware, Sharon has mentioned that we have sanctioned this Torres project. And also we are about to finalize to sanction the ASU based on the cold energy. So, probably you expect to see a higher growth effects for next year.
I understand. So, how should we be looking at the dividend for next year? Are you going to focus more on these growth projects, which you mentioned, the renewables or renewables and other green projects? Or are you still going to prioritize return to shareholders?
We, you know, we don't give forecast, but as you know, I need to balance between dividend and growth, and we are quite focused on looking for growth opportunity so, that we can give more dividend in future. So, as of this moment, we are working on quite a few growth opportunities, so, that as always, we try to balance between dividend and growth. Yeah.
You mentioned the focus on growth opportunities. Is it okay to assume that most of the opportunities that you're looking for are domestically within your existing area, similar that you mentioned for the solar, within the licensed area? Or are you looking to explore outside Malaysia?
Most, at this moment, mostly domestic. As I mentioned, I think sometime last year, we are focusing on an area where we are. We do have competencies, and, and those opportunities are within those, area that we are good in. Yeah.
Yes, I understand. I think, I'm good for now.
Thank you.
Thank you.
Thank you.
I think we have, one last question from Daniel again. Can we expect a special dividend for this year?
Don't give forecast. So, whatever numbers estimate is, of course, by the analyst briefing, Daniel.
Okay. I think, I'll just give one last chance. Any more questions? All right. I think that's all the time we have for today. With this, we conclude the analyst briefing conference call. Thank you for your participation, and we will see you next quarter.
Thank you.
Have a good night.
Thank you.
Thank you.