Good day, thank you for standing by. Welcome to the PETRONAS Gas Berhad Analyst Briefing for quarter ended 31st December 2022 conference call. At this time, all participants are in a listen only mode. After the speakers' presentation, there'll be a question-and-answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I'd now like to hand the conference over to Ms. Izan Ishak, Head of Investor Relations. Please go ahead. Thanks, Amber. Salaam alaikum and good evening, everyone. Thank you for joining our session today for PETRONAS Gas Berhad Analyst Briefing for quarter ended 31st December 2022. My name is Izan from Investor Relations. With us from PGB, we have Encik Abdul Aziz Othman, MD CEO, Shahrul Azham Sukaiman, CFO, and Encik Hisham Maaulot, Head of Business Development and Commercial. We will start the briefing with key highlights, business updates, financial performance, and to be followed by Q&A. For reference, our financial results is available at both Bursa Malaysia and PGB website. The presentation material is available at our website and also at [website] platform. Without further ado, I'll hand over to Encik Aziz for the highlight. Thank you, Izan. Salaam alaikum, and good evening, everyone. Thank you for joining us today. Let us, as always, start with the key highlight. Well, for the full year of 2022, PGB has proven to be resilient, first amidst the headwinds that we faced throughout the year. Most important thing is our facilities keep on running safely, reliably, and efficiently to ensure consistent delivery to customer. As a result of this higher reliability translating into higher availability of our facility, because all of you know that, we work on the capacity payment. As long as the availability is there, we are able to collect a steady revenue from the long-term contract that we have with our customers. On top of that, term that we have, provides huge incentive, should we be able to achieve some of the levels that has been built into the contract. Because of that higher availability, we were able to achieve higher incentive, especially from our gas processing business. The headwind that we face, which is the higher fuel gas price and unfavorable forex movement, continued into quarter four 2022, further impacting the overall group performance. Nevertheless, as we show later, the overall results for 2022 are still very robust and commendable given the challenges. Our revenue, of course, with the higher gas price has surpassed the MYR 6 billion mark on the back of the higher product price. Because the gas is a cost to us also, the corresponding resulting in higher operating cost led to lower profit. All else considered, we are able to declare an interim dividend of MYR 0.22 per share this quarter, making it a total of MYR 0.72 for the full year of 2022. Let's look at the external environment. The market volatility has continued, and this has led to significant increase of gas price, while the global inflation has greatly affected the forex movement. Again, as I mentioned, despite that, due to the operational excellence, we are able to collect revenue from the capacity payment as well as able to deliver all the utilities as per the demand by our customers. Because of that, the revenue remains steady throughout the quarters. Although profit shows slight fluctuation, as I mentioned, due to the higher cost from the gas that we consume, especially at the utilities and forex, at the two gas terminal. Overall, despite unprecedented higher gas price and weaker Ringgit, we still record a healthy level of profit for financial year 2022. Moving forward, with RP2, which I think sometime last month we had a briefing to all of you. Both gas price and Forex, which has impacted us in this year, will be a pass-through item for our regulated business. Because of that, we expect the business to be more robust. Looking at the financial, comparing the full year of 2022 to the same period in 2021, PGB revenue stood at MYR 6.16 billion, higher by 9%, mainly driven by higher revenue from Utilities segment on the back of the higher product price, from the higher gas price that we were able to transfer to the customer. The group profit, gross profit and nevertheless, is lower by 14% at MYR 2.35 billion. As a result of lower contribution from all segments, following higher operating expenses, mainly from the two factors that I mentioned, fuel gas as well as internal gas consumption expenses. Profit after tax was lower by 17% at MYR 1.76 billion, in tandem with lower gross profit and further reduced mainly due to unfavorable foreign exchange movement. Our EBITDA correspondingly is lower at MYR 3.2 billion, 9% decrease compared to 2021. Earning per share was lower by 17% as compared to 2021, in line with lower profit. This also reflects lower profit attributable to shareholders of the company. Dividend per share for the quarter is MYR 0.22, making it a total of MYR 0.72 as compared to MYR 0.82 distributed last year. Details on our financial performance, as always, will be presented by Shahrul after this. Moving on to business updates. First, starting with gas processing. I have the slide, yeah. The operation is at our gas processing plants continue to operate at a world-class level. We have consistently met the reservation charge requirement as stipulated in the Gas Processing Agreement. Business segment continues to operate in a steady manner, where the OEE or the overall equipment effectiveness was almost 100% for both C1 and C2. High level of efficiency correlates to less usage of internal gas and ability to extract more ethane from sales gas. This is translating to a higher performance incentive, achieving a total of MYR 128 million for financial year 2022. On projects, the off-gas rerouting project from Terengganu Crude Oil Terminal to our Gas Processing Complex is progressing within schedule. We still plan to meet the timeline by Q2, Q3 2023. Moving on to gas transportation. The pipeline network reliability for the quarter was sustained at 100%, and we achieved an average sales gas delivered of close to 2.2 billion SCFD in financial year 2022, which is a 9% increase from 2021. Projects, most of our growth projects are actually in transmission, are progressing within schedule. This includes the lateral gas pipeline to Pulau Indah based on the latest timeline. We mentioned last quarter that there was a change in construction method, and there's a slight change in the timeline. However, the latest completion date will not have an impact on the shippers, our commitment to the shipper to deliver the gas as per their commitment to the customer. As for the gas compressor station in Kluang and the new pipeline project to Plentong, things are progressing within schedule. Next, the regasification segment. For regasification business, we managed to sustain full capacity payment, supported by strong operational performance at both regasification terminals. From the service to the shippers, we received a total of 54 cargoes at both terminals, which is higher than 37 cargoes received in 2021, and we were able to process this without any failure. On top of that, we also secured full capacity payment for truck loading under the ancillary services. Our LNG truck loading service completed 971 deliveries this year, slightly higher than last year of 928 deliveries, indicating that gas demand remain robust, pending areas not connected to the PGU. Ancillary services is GUCD or gas up cooling down. The take-up for GUCD and the reloading services were lower in 2022. This is because of the unfavorable market, which is due to the high gas price. In the high gas price environment, GUCD normally is not the preferred method for cooling down the LNG ship. Again, this year is we expect the gas price to be lower and it could be favorable in as far as GUCD is concerned, in line with the expected lower LNG price, as I have mentioned. The project that we are pursuing for regasification is the third storage tank project at RGTP. This to the Group previously, we had to change the strategy due to the high cost that we get from the onshore tank proposal. We are restructuring through ship storage, and this is progressing well. Soon we will share. We'll make the necessary announcement should we reach the final investment decision, which we expect soon. Let's move on to utilities. Overall, we continue to fulfill customers' demand. With 100% product delivery reliability for electricity and steam. This is, of course, because of higher plant ability and reliability. Electricity in quarter four, 2022, volume was lower than previous quarter, mainly because of lower offtake from the customers and lower sales to the grid under the NEDA scheme because of the unfavorable pricing in the grid price during the quarter. For steam, the offtake is at similar level across the quarters. For industrial gases, quarter four, 2022 volume was lower compared to the other two quarters. Again, due to lower offtake, associated with customers' plant shutdown. On project, we had a new customer, [PCCOF]. The project to connect us to the plant is finished. Currently pending customer readiness and waiting for the final confirmation from the customer. We expect the offtake, full offtake to start in quarter three 2023. Recently, more recently, some of you might have read in the newspaper, PGB has reached FID for a 52 megawatt power plant in Sipitang, Sabah. This power plant will be the sole source of energy supply to PETRONAS' upcoming Floating LNG project. We have awarded an EPCC contract worth MYR 230 million to KAB Energy Holdings Sdn Bhd, who will also be our 10% partner in the PGB subsidiaries, who will be owning the power plant as well as operating the power plant on COD. Project has just commenced and expected to be commissioned in 2026. This is an area of growth that I have been highlighting to the group, and this is one of them that we've just realized. Project update, in 2022, we have completed the Southern PGU debottlenecking in May, and the facility is now ready to deliver gas to the customer as per schedule. In the analyst meeting for the RP2, we have mentioned that the usage of this pipeline is based on the separate approved tariff under RP2, specifically for high-pressure gas delivery. The introduction of this tariff, as we have mentioned, is expected to cushion the impact of lower tariffs under RP2 for PPU. It has actually impacted, cushioned the impact. In 2023, several projects are expected to be completed. One is the off-gas utilization at Gas Processing Kerteh, latter part of this year. The lateral gas pipeline to Pulau Indah for our customer, the power plant in Pulau Indah, middle of this year. The lateral gas pipeline to Banting, this will be in quarter three this year. The utilities connection that I mentioned just now. We are monitoring closely to ensure that the project will be delivered timely, safely, and within budget. Just now, as I mentioned, the latest addition to the portfolio is the Sipitang Power Plant project, which is expected to complete in 2026. As I mentioned, within the focus area for growth, we continue to seek projects that would enhance revenue contribution, not only at PGU business, but also focus of adding up to the regulated asset base under GTR business. Once, we will announce accordingly for the FID once we achieve the FID for this project. That's all for business update. I shall now pass to Shahrul for the financial update. Thank you. Thank you, Encik Aziz. Good evening, everyone. Shahrul here, Shahrul take you through the financial. We'll start with MCO performance for Gas Processing. In 2022, as mentioned by Encik Aziz earlier, the PGU business maintained its world-class operational performance, recording close to 100% reliability. Against preceding quarter, Q3 2022, revenue for the quarter has been at similar level, at MYR 458 million. Gross profit was lower by 13% at MYR 107 million, due to higher operating expenditures in line with higher level of plant activities recorded in the quarter. Again, corresponding quarter Q4 2021, segment revenue increased by 1% following higher internal gas consumption in electricity and the back of operational efficiencies as explained by earlier. Segment results declined by 16% due to high operating expenses, mainly depreciation expense attributable to recognition of plant and asset during the quarter, as well as higher level of activities during the year. For full year results against 2021, our revenue improved by 2% to MYR 1.7 billion on higher internal gas consumption of our optimization effort. Segment result was 5% lower at MYR 892 million due to higher operating expenses, as mentioned earlier. Moving on to gas transportation business. The group pipeline network registered close to 100% reliability during the quarter under review. Comparing the results against preceding quarter three 2022, revenue was comparable at MYR 296 million. However, gross profit dropped to MYR 31 million, mainly due to higher internal gas consumption that stands in tandem with higher gas price. Against corresponding quarter, Q4 2021, segment revenue was again comparable. Segment gross profit fell by close to 74% due to higher operating expenditure, mainly IGC expenses in tandem with higher gas price. For information, for 2022, the gas price was at its highest in Q4. Okay. Moving on to full year results compared to last year. Segment revenue was comparable at MYR 1.17 billion. Our segment results increased by 90% due to higher operating expenditure, similarly different as quarter earlier. On the whole, we can see that IGC increased significantly by more than 80%. Our profit for the segment, however, was only lower by 19%. A good result for GE, given the high gas price. Moving on to regasification. Again, quarterly 2022, revenue was comparable at MYR 357 million. Segment results was 11% higher, at MYR 207 million on lower operating costs. Against corresponding quarter, Q4 2021, total revenue and segment gross profit was comparable respectively. For the full year results against last year, 2021, segment revenue was comparable at MYR 1.1 billion. Gross profit decreased by 7% as a result of higher operating expenditure, mainly utilities expenses, also as a result of higher gas price. Moving on to utilities business. Comparing this quarter against preceding quarter, Q3 2022, our revenue increased by 14% to MYR 542 million, in line with higher product prices. Segment gross profit, however, was lower by 37% to MYR 34 million, mainly attributable to tighter margin as a result of higher fuel gas cost as Q4 was the quarter where the gas price was at highest. Against corresponding quarter, Q4 2021, segment revenue grew by 31%, mainly due to higher product prices in line with the increase of fuel gas price based on Malaysia Reference Price or MRP. Segment results nevertheless declined by 39%, also mainly attributable to the tighter margin as a result of higher fuel gas cost. Similarly, against full year last year, segment revenue grew by 36% to reach about MYR 1.83 billion on the back of high product prices. Nevertheless, gross profit declined by 38% for the same reason as mentioned earlier. For utilities, we have completed contract renewals in 2022 which have allowed a more balanced cost pass through to our customers, and this has actually partly negated the impact of higher fuel gas price. Overall, even with the unprecedented high gas price that we saw last year, Utilities Segment still managed to improve our profit each quarter and for the full year 2022. Moving on to the overall PGB group results. Against preceding quarter, Q3 2022, group revenue was at MYR 1.63 billion, higher by 4%, mainly contributed by higher revenue from utilities segment. Gross profit was nonetheless lower by 27% at MYR 458 million as a result of lower contribution from gas transportation, gas processing and Utilities segment following higher operating expenditure, mainly internal gas consumption, fuel gas and also higher level of maintenance activity. Our profit after tax, however, improved by 4% as the lower gross profit coupled with lower share of profit from JV companies were partly cushioned by favorable forex, we saw Ringgit strengthening in quarter four. As well as due to higher interest and other income. Against corresponding quarter four 2021, group revenue rose by 9%, mainly contributed by higher revenue from Utilities segment. Our gross profit declined by 24% due to lower contribution from all segments following high operating costs, mainly relating to fuel gas and internal gas consumption, as well as depreciation. Profit for the quarter was correspondingly lower by 5%, in line with lower gross profit and lower share profit from JV companies. Partly negated by stronger ringgit and higher interest income. Looking at overall, full year 2022 against 2021, group revenue increased by 9% to MYR 6.16 million, mainly driven by revenue from utilities. Gross profit was, however, 14% lower at MYR 2.35 billion on the back of higher operating expenses, especially the tighter IGC margin. EBT decreased by 17% to MYR 1.76 billion, in tandem with lower gross profit, overall unfavorable forex movement, also lower share of profit from JV companies. This was cushioned by higher interest income from plant investment. For the lower share of profit from JV companies, if I may explain, it is mainly due to unfavorable forex movement from a forward contract which resulted to unrealized forex loss from one of our JV companies. Overall, I'm pleased to highlight that even with higher gas price and a weaker ringgit that we saw last year, we still record a healthy level of profit for 2022. Right. Moving on to dividend. The board has approved a fourth interim dividend of MYR 0.20 per share, payable on 15th March, 2023. The interim dividend demonstrates our commitment to ensure a certain level of return to shareholders despite the ongoing economic condition. We still give healthy level payout more than the committed dividend policy. With that, we end the financial section. I will now pass over to Aziz to share on the company update. Okay, Shahrul. Ladies and gentlemen, let me bring back to our focus in 2023. The market will continue to be a challenge. Gas price that we use for our IGC will still remain high. We will continue focus on the continuous effort to ensure safe working environment as well as to deliver and maintain operational excellence at world-class level. To take advantage of the long-term contract, such as the capacity payment that we contracted there. Just to repeat, RP2 is now done, approved and announced. This year is about operationalizing those. As I mentioned, we have conducted a session to brief the market about this recently. Despite the lower tariff, ST has approved the introduction of new components and principles which will cushion the impact of lower tariffs. New component, principle introduced, just to repeat again, one is Tariff C, the high pressure compression tariff for the power sector. This is in place. The new tariff is in place from 1st January. Partly will negate the loss of revenue due to lower tariffs from the main PGU tariff. Revenue adjustment, as the market is aware from the previous years, we do have fluctuation in profit because of the gas price and forex movement. Adjustment on the recovery of forex and IGC is allowed under the current RP2, and this has mitigated those fluctuation that we have seen previously. It's a positive decision that we have gotten from the authority on this subject. Moving forward, of course, despite this decision, we will continue look at our operating, especially on the cost, especially in the lower tariff. Focus should continue on improving the efficiency in order to optimize our costs. Second, we also had a positive announcement from the government on the recently announced to increase the ICPT surcharge of MYR 0.20 per kilowatt hour for our utilities, except our industrial customers, which is expected to have a positive impact to PGB. Second term GPA is expiring in 2023. I guess, as we mentioned before, is to finalize it by the end of the year. In the meantime, PGB is also actively pursuing growth opportunity to diversify our business portfolio. The new power plant project in Sipitang is the result of some of the initiatives. One of the many initiatives that we are pursuing, and of course that there will be more once we reach FYE for some of the other opportunities that we have been pursuing. That's all for now. Thank you very much. I shall now move to Q&A. Thank you. We will now begin the question and answer session. To ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please limit to two questions at a time. If you have follow-up questions, please request to rejoin. Please stand by while we compile the Q&A roster. A reminder, to ask a question, please press star one one on your telephone. Our first question comes from the line of Anshool Singhi from JP Morgan. Please ask your question, Anshool. Hi. Good evening. Can you hear me? Yes, we can. Yes. I have a few questions, but I'll start with the, first two. Coming directly to the gas transportation performance this quarter, I see that the volumes have remained flat quarter-on-quarter. You mentioned that the IGC costs led to a margin compression. How much of that was related to the IGC cost, and is there any one-off in that item? Again, the IGC, what we pay is based on the price for that corresponding month or for that month or quarter. Between quarter one, two, three, and four, the price of gas increased significantly. That's why the volume we keep at whatever the optimum level that we have been operating in line with the consistent volume throughout the year. The price is actually the only factor that increased the cost, thereby eating into the margin for quarter four. If I remember correctly, the IGC cost, the gas cost is linked to MRP. Yes. Could you remind us how much did MRP move quarter-on-quarter? For quarter four, the MRP was at MYR 50 per MMBTU. At quarter three, it was at MYR 40 per MMBTU, and in quarter one it was actually at MYR 34 per MMBTU. There's significant increase, almost more than double, more than 50% increase. If I just want to reconcile the numbers quarter-on-quarter, the gas IGC cost is up only 20%, the gross profit is down more than 80%. I'm just not able to understand because is there any one-off in this or where do you see this in the future? In quarter four, normally we do reconciliation on the term what we call unaccounted for gas. That reconciliation, there are some impact. The volume remained the same, but because the price goes higher, it also have the impact for quarter four. We probably look at this from this year, we're probably doing it on quarter by quarter, so you wouldn't see a lot of fluctuation due to that moving on. Yeah. Okay, I understand. My next question is for the utility segment. Mm-hmm. You mentioned that the government has increased the ICPT surcharge. This year we also saw better contract negotiations, better terms. We are seeing lower gas costs moving into this year. Where do you see the gross margins for the business in 2023? You're talking about utility segment, right? Yes. We expect, of course, the, with the MYR 0.20, we expect to have a better gross margin, cause, the tariff that we can charge before now will be MYR 0.20 higher. You expect to have a better margin, gross margin. I'm just looking at your performance in 2021 and before that. The gross margins were around 15%-20%. This year it was 8%. Do we see it again in the high teens, low teens for 2024? It should goes up. It should goes It should goes up to low teen, better than what you see in the last quarter, without the ICPT. Understood. I actually have more questions, but let me get back to the queue. Thank you. Your breakfast. Thanks, Anshool. Thank you Anshool Thank you. As a reminder, to ask a question, please press star one one on your telephone. Our next question comes from the line of Daniel Wong from Hong Leong. Please ask your question, Daniel. Hello. Can you guys hear me? Yes. Hi, thanks for the call. Thanks for the call. Can I check to see, of your revenue for 2022 of MYR 1.8 billion for the utilities, how much, how many% of it is coming from, electricity segment? Yeah. If you okay, we can get back to you. Yeah. Yeah, sure. My second question is there any recognition of Prosperity Tax for this fourth quarter? Prosperity Tax cover the full 2022, so it should be applicable for the full year, including quarter four. Okay. How much is it? The Prosperity Tax impact to us for 2022 is about a quarter of our total tax expense. 25% of our total tax expense during the year. 25% of your full year tax expense. Expense, yeah. Expense. 25%. I noticed that in your fourth quarter, you have a lot of write backs on your deferred tax. I'm wondering, does it actually have a write back on your deferred on this Prosperity Tax during the fourth quarter recognition? Basically, we do make some provision to the deferred tax last year because we know about the Cukai Makmur early so then [audio distortion]. So there was some revision during the fourth quarter? so on the [audio distortion]. Yeah I see. This is my last question just now you mentioned that for the discussion on RP3. So I'm just wondering, what further improvement can be done under this RP3 versus RP2? Or are you guys trying to achieve more? This RP3,2024 is for our gas processing so the improvement that we are looking at is coming on the performance bonus. Of course show where [audio distortion] normally there are benchmarks on the retail so we will be looking at [audio distortion] but what we are looking for is more on the common[audio distortion] deliver the shipment. If you can see the [audio distortion] deliver to the customer without fail and now we don't know yet why it occurs but whatever occurs on the operation, we will try to have a system, performance bonus to try to appraise [audio distortion] That's all from me. Thank you. All right. Thank you, Daniel. Our next question comes from the line of Tan Jun Sian from AmBank. Please ask your question. Hi. Thanks for the presentation. I have two questions. First one is that regarding your new Sipitang power plant, may I know the total CapEx, is it just MYR 230 million as mentioned just now, or there could be more? Also what is your targeted IRR for this particular power plant? Okay. The number that I mentioned to you was the EPCC contract that we have awarded to the contractor. Of course, on top of that, you typically have the project team costs, the land costs, and few other associated costs. I would say it's some percentage higher than that, but I can't tell you the exact number. And of course, the IRR is something that we normally don't declare. What I can tell you is, it's like a PPA-based IPP model. And the return is of similar nature to an IPP development in Malaysia. Okay. Okay. That's clear enough. My second question is regarding the supply of gas via score to and then charged by Tariff C, right? How soon are you going to start supplying gas via this pipeline? The tariff, You know, it is based on capacity reservation. The capacity reservation started 1st January this year. Irrespective whether we supply gas or not, as long as the capacity is available, we can already collect the tariff from 1st January 2023. It's already collecting the revenue. Okay. Okay. The capacity is what you mentioned during the RP2. 200. Okay. Million scf. Yeah. Okay. Okay. That is good enough. That's all I have for now. Thank you. Thank you. Thank you. Our next follow-up question comes from the line of Anshool Singhi from JP Morgan. Please ask your question, Anshool. Hi. I just had two more questions. I wanna know the, y ou mentioned the impact of Forex movement on JV contribution. Could you share how much that was? Was that unrealized portion? Thank you for that question. Yes, the unrealized forex movement that has affected one of our JV is actually unrealized portion. Unrealized forex loss. Can you share the amount? Anshool, are you there? Yes. Yeah, I'm there. Okay. Can you share the amount, please? Yeah. Which one? The impact in money. Yeah. Okay. No problem. I also wanted to get an idea about the other income this quarter. It was around MYR 141 million, significantly higher Q- on- Q. What is this related to? That you saw for this quarter, it's mainly coming from the higher interest rate for the movement for the year. There's also higher cash balance as we collect more cash from our operation. There's also, cause we make placement within PETRONAS. We have what we call an excess income as distributed by our parent company who actually invest the money on our behalf. I'm sorry, I didn't catch the last part. Excess income distributed by PETRONAS? Yeah. Because it is a pool of money that we invested through our parent company. There's excess income from the group that they distributed to all the subsidiaries in PETRONAS. We are one of the recipients of that excess income. How much is that amount? Is this like an annual thing or how does that work? It's a small amount. Small amount. Okay. The high interest rate and also the high cash balance. Okay. Okay. I get it. That's all from me. Thank you. All right. Thank you, Anshool. Our next follow-up question comes from the line of Daniel Wong from Hong Leong. Please ask your question. Hi. Hi. Hello? Yeah, Daniel, we can hear you. Sorry. I have a follow-up question on this gas processing side. I don't really get it, just how you mentioned that revenue has increased, margin has deteriorated due to higher level activities. What do you mean by higher level activities that actually increase more than your revenue? Okay. Again, you know, in the last two years, there's COVID. Our maintenance activities was generally lower because of the constraint of COVID. 2022, we start to come out from COVID, so we start to catch up back on some of the maintenance activities that we did not do during the COVID years. I see. What you mean higher level activities, it means maintenance output, maintenance cost. Yes. Mainly because of that. I see. Does this higher maintenance cost actually incur for other segments also, gas processing and also? No, gas processing, then transportation and regas also? You will see the same trend because obviously I have to catch up to make sure that my facilities are reliable. Remember I mentioned our business is collect revenue, capacity payment based on availability. Maintenance is very important for us. I see. Okay. I. Thanks. Thanks. Follow-up question. Just now, I didn't get if there's a main answer to the analyst on this capacity reservation. Is it based on 200 billion scf? Scf? Billion scf. Yes. Convert into energy equivalent to calculate the fee that we collect from that. Fee is referring to the Southern PGU, right? Right. The new tariff. Correct. MYR 200 billion. B-I-L-L-I-O-N. Million. Sorry. Okay, great. All right. Daniel, to answer to your question previously on electricity portion for utilities. Yeah. 34%. But- 34%. Three, four. Yeah. I see. 34%. I'm just wondering, you just now you guys management mentioned that this MYR 0.20 increase in this electricity charges, surcharge. The gross margin will improve to 14%. Have you guys taken into account of the increasing MRP, increasing gas pricing? To be in 2023, performance. Yeah. As I mentioned, I think few session ago, almost 50% we can pass through. The remaining, depending, we cannot pass through fully because the tariff is fixed to TNB. This MYR 0.20 actually helps to make the margin wider. Yeah. I see. MRP here, you guys are referring to is, based on MYR 50 MMBtu. As you're aware, it will move month by month. Yeah. The first quarter is high because it's work on the lagging oil price. Even though the oil price has dropped, but because it's lagging, it's still high. We expect quarter two, quarter three, it should be lower. Quarter two, quarter three will be lower. Okay. Thank you very much. Understood. That's all from me. Thank you. From the webcast, Sean from ISB. What is the timeline, FID for the third LNG storage, and any guidance on renewed CapEx? As I mentioned, it will be before the middle of the year, we will try to FID this. I can't mention the CapEx yet as of now, but we are still in discussion with the service provider for this. The next question, what's the full year IGC costs recognized in? For IGC, typically IGC makes up about 5% of our total cost. Whether we'll see this fluctuation or not in RP2, I think how it works, when we come up with the tariff as agreed by the EC or Suruhanjaya Tenaga, it's based on certain assumption of price. Whatever variance from that particular assumption will be adjusted in the following year. I think we will see some with fluctuation still, but will be recovered in the following year under the revenue adjustment. Yep. Yeah. Okay. I think that's all the questions we have for today. Maybe I can just answer to Anshool on the impact of the forex on our EBITDA. It's close to MYR 20 million, the Forex impact. Right. Thank you, Encik Shahrul. That's all the time we have for today. Thank you for joining us in this session. We'll see you next quarter. Thanks. Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.