Good day, and thank you for standing by. Welcome to the PETRONAS Gas Berhad Analyst Briefing for Quarter Ended 30th of June 2023 Call and Webcast. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you need to press star one and one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, you can please press star one and one again. Alternatively, you may also submit your questions via the webcast at any time, and if you wish to ask a question, please type them in the question box and click Submit. Please note that today's conference is being recorded. I would now like to turn the conference over to your speaker, Suri Nordin. Please go ahead. Hello, Suri, you may start. Thank you. Test, test. Hello, we can hear you. You may start, Suri. Hello, Rania, can you hear us? We can hear you. Can you hear me? Test, test two. Yeah. Rania, can you hear us? Yes, we can hear you. Ladies and gentlemen, please stand by. The conference will resume shortly. Thank you Hello, can you hear us? Hello, can you hear us? Meeting start. Hello, can you hear us? This is the operator. Ladies and gentlemen, please continue to stand by. Your conference will resume shortly. Thank you very much for your patience. Okay. All right. Thank you, Rania, and apologies everyone for the slight delay on the... We've had some other technical issues. We'll just start again. As-salamu alaykum[Foreign language], and good evening. Thank you again for joining our session today for PETRONAS Gas Berhad Analyst Briefing for Quarter ended 30th June 2023. My name is Suri from Investor Relations, and I have with me from PGB; Encik Abdul Aziz Othman, Managing Director and CEO; Shahrul Azham Sukaiman, Chief Financial Officer, and Encik Hisham Maulud; Head of Business Development and Commercial. We will start the briefing with key highlights, business updates, financial performance, and to be followed by question and answer session. For reference, our financial results is available at both Bursa Malaysia and PGB Websites. The presentation material is available at our website and also at the Webcast Host Platform. Without further ado, I'll hand over to Encik Aziz for the highlights. Encik Aziz? Thank you, Suri. Assalamu alaikum, and good evening, everyone. Thank you for joining us today. Also, I would like to apologize for the technical glitch that we were facing just now. Let us start with an overview of the business environment for the business. As forecasted in the previous analyst briefing, the Malaysia reference price, which is the gas price for Malaysia, did taper down to MYR 48 per MMBTU in quarter 2, 2023, from a peak of 58 MYR per MMBTU in quarter 1, 2023. We expect MRP to follow the same downward trend in the following quarters of the year, although still higher than the preceding years. The increasing service producers price index, SPPI trend, would continue to affect our operational and maintenance spending. While it may not be at the same rate of increase, the spending will still be higher than we have seen before. We expect the high cost environment to continue in the near term with MRP and overall cost of doing business remaining at elevated levels. While revenue, we expect, to remain stable throughout the quarters. Now, moving on to the key highlights for the quarter. Our operational performance continue to be at world-class standard, with focus, as always, on continuous improvement, utilizing our predictive analytical tools from our investment in digitalization and talent. Again, we achieved close to 100% reliability in delivering products and services in all our operating segments. On the financial side, revenue for quarter two, 2023 was higher than the same quarter in 2022. This is despite the lower RP2 tariffs for our regulated business. This is mainly due to high revenue from the utilities segment on higher product prices, and this has also resulted in higher gross profit during the quarter. Profit for the period improved in line with higher gross profit, coupled with higher profit contribution from joint ventures, companies, higher income from fund placement, lower Forex movement, exposure following the early settlement of FSU at LNG Regasification Terminal in Sungai Udang, Melaka, and of course, the lower tax expense. With that, we have declared an interim dividend for the quarter at MYR 0.16 per share, similar to quarter one, 2023. Taking a snapshot at the financials, comparing 1H 2023 with 1H 2022. The group revenue stood at MYR 3.31 billion, an increase of 11.8% or MYR 349.8 million. This is mainly contributed by higher revenue from utilities segment, which is in line with the higher product price. Gross profit was, however, MYR 36.7 million or 3% lower due to higher operating expenses, mainly relating to internal gas consumption and depreciation expenses, by both, gas transportation and gas processing segments. Coupled with low revenue from the regasification segment. This were offset with higher margin contribution from utilities, segment, and this is in tandem with higher revenue, as well as stronger margin as a result of a more balanced cost pass-through to customers, reducing the business exposure to gas price, volatility. PAT showed a 10.7% or MYR 91.2 million increase on the back of strong operational performance and further supported by higher profit contribution from the joint venture companies, higher interest income from fund investment, and lower Forex movement exposure. Following the... As we are all aware, the early settlement of FSU at LNG Regasification in Sungai Udang, Melaka. This is further supported by lower tax expenses, most of it from no imposition of prosperity tax as compared to corresponding period in 2022. EBITDA was higher by 1.1%, or MYR 17.2 million, in line with PBT movement. EPS, accordingly, increased by 12.7%, reflecting higher profit attributable to shareholders of the company. Dividend per share for the quarter was approved at MYR 0.16, making it a total of MYR 0.32, similar to the same period last year. Later, our the details on our financial performance will be presented by Encik Shahrul. Now, let's move on to the business update. First, starting with gas processing. As I've mentioned, PGB continuously operating our gas processing plant at world-class standard. Our commitment to customers is reflected by consistently meeting the reservation charge requirements as per the gas processing agreement with the shipper, achieving 99.9% OEE, and 100% reliability for both the C1 and C2 products. One of our focus for this year is to change our operating philosophy in order to optimize the sales gas production as requested by the shipper, while maintaining 100% reliability. This effort, together with the support of predictive analytics by our tech center, has resulted in MYR 43 million of performance incentive achieved in the quarter. On project update, the disruption in the supply chain following the COVID-19 pandemic and subsequently, the Ukraine war, continues to impact our business activities. Our biggest project at GPP, the TCOT off-gas rerouting project, is progressing slightly behind schedule, and this is due to the delay in compressor fabrication and instrument equipment works. Regardless, the slight delay has minimal impact to PGB. And on the third term gas processing agreement, we aim to conclude negotiation by end of this quarter. Next, the gas transportation. The group pipeline network sustained close to 100% reliability during the period under review. Average sale gas delivered was more than 2.1 billion standard cubic feet per day. On growth project, the 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 periods of the customer and the shipper. As for the Kluang Compressor Station project, the estimated delay was more than what we expected due to the supply chain disruption, as explained earlier. However, there is no commercial impact as the project is fully socialized, and the extended completion date is now looking at end of quarter four, 2024. Meanwhile, the new project in Banting has achieved gas in in July, earlier than scheduled, and is expected to achieve initial acceptance by end of quarter three, 2023. For regasification business, we managed to sustain full capacity payment, supported by strong operational performance at both the terminals. The group LNG regasification terminals in Sungai Udang, Melaka, and Pengerang, Johor, sustained their strong reliability performance at close to 100% during the quarter. We received a total of 27 cargoes at both terminals, higher than the 23 cargoes received in 1H 2022. This is in line with the higher level of business activities. The RGT Sungai Udang received four cargoes, while the RGT Pengerang received 23 cargoes, making it a total of 27 cargoes for the first half of the year. Both RGT Sungai Udang and RGT Pengerang have been operating under remote assistance and insight from the Unified Operations Center in Segamat. As for the LNG storage project, we are close to reaching final investment decision, and we hope to make an announcement before end of the year. For utilities, overall, we continue to fulfill customers' demand with 100% product delivery reliability for electricity and steam, supported by higher plant availability and reliability. For electricity, the first half of 2023 volume was lower than the same period in 2022 due to lower offtake from customers and lower sales to the grid due to the unfavorable pricing during the quarter. For steam, offtake is slightly lower as per customer demand. For industrial gases, sales volume delivered was higher compared to the same period last year, and again, this is in line with higher, customers', plant availability. With the fluctuation in fuel gas price, electricity, and steam demand, it is crucial to operate the plant with optimum parameters to optimize fuel gas consumption while still meeting customers' demand. Our cogen optimization initiative, resulting in saving on our production costs for electricity and steam. As at quarter 2, 2023, the optimization value amounting to MYR 7.2 million. In June 2023, the government announced an imbalance cost pass-through ICPT surcharge of 17 cents per kWh for the period of first July until thirty-first December, 2023. This is lower than the surcharge in half 1 of 2023, at 20 cents per kWh. What this mean for PGB is that the electricity tariff will be lower by three cents, because of the downward revision of ICPT surcharge. Of course, leading to lower revenue for the next six months. Projects. As highlighted earlier, our project execution have been impacted by supply chain disruption, which caused several projects to be delayed. Rest assured, we are closely monitoring all the projects to ensure that they are delivered within reasonable time, while at the same time to also ensure the projects are safe and within their respective budgets. We will also continue to pursue opportunities for projects that would enhance revenue contribution for PGU business and add to regulated asset base under the gas transportation and regasification business. Four projects in the pipeline. Referring to the right side of the slide, we are close to reaching final investment decision for the LNG storage expansion in Pengerang, and we hope, as I mentioned, to make an announcement soonest. PGB is also looking forward to play a vital role in PETRONAS carbon capture and storage integrated value chain. Studies are currently underway prior to investment, final investment decision, which we hope to make sometime in the future. So that's all on operational highlight. Over to Shahrul for financial. Thank you, Encik Aziz. Good evening, everyone. I will take you through the financial for quarter two, 2023. We'll start with segmental performance for gas processing. In quarter two, 2023, the business continued to run reliably with sustained revenues, amid highly high operating costs. Against preceding quarter, quarter one, 2023, revenue for the quarter was comparable at MYR 447 million. Gross profit was however, 5% higher at MYR 290 million, mainly due to lower operating expenses. Against the corresponding quarter, quarter two, 2022, segment revenue increased by 2% following the higher internal gas consumption incentive achieved. This is supported by the continuous operational optimization efforts, as mentioned by Encik Aziz earlier. Segment results, however, declined by 6% due to high operating expenses, mainly depreciation expense in line with higher capital expenditure. For results again, corresponding year to date, against first half 2022, revenue improved by 2% to MYR 891 million on higher internal gas consumption incentive, following favorable impact from change in operating philosophy at gas processing plant. Nevertheless, segment results declined by 8% to MYR 437 million due to higher operating expenses, mainly depreciation expenses in line with high capital expenditure, as well as other cost escalation, including manpower cost. Next, moving on to gas transportation. The group's pipeline network registered close to 100% reliability during the quarter under review. Just to recap, the business assumed new RP2 tariff effective January 1 this year for PGU tariff and a separate tariff for PGU sector three, which is the tariff C. Comparing the results against preceding quarter, quarter one, 2023, revenue was slightly lower by 2% at MYR 282 million, mainly from lower gas transportation revenue, as we have divested our gas pipeline in Sabah, effective April this year. In contrast, gross profit rose by 34% to reach MYR 165 million, due to low operating costs, mainly from internal gas consumption, due to lower fuel gas price, in line with the lower MRP. As mentioned by our CEO earlier, fuel gas price was at its highest in quarter one, at MYR 58 per MMBTU. Again, the corresponding quarter, quarter two, 2022, segment revenue declined by 3% from lower RP2 tariff, while segment results fell by 6% due to higher operating expenses, mainly internal gas consumption, in line with higher fuel gas price. But under the new RP2 regime, IGC impact of higher IGC cost is recoverable during the next annual review adjustment. For six months results, again, corresponding year to date last year, revenue was marginally lower at MYR 572 million, mainly because of lower RP2 tariff. So segment results declined by 20% to MYR 288 million, mainly due to high operating expenses, in particular, the higher internal gas consumption expenses following high MRP for the first half of 2023. Moving on to regasification segment. Against the preceding quarter, quarter 1, 2023, revenue was slightly higher at MYR 337 million, mainly due to higher number of working days compared to quarter 1 this year. Segment results were 4% higher at MYR 166 million, on the back of lower operating expenses, mainly lower IGC expenses, in tandem with lower fuel gas price. Again, the corresponding quarter, quarter 2, 2022, segment revenue and results were lower by 5% and 9% respectively, mainly due to lower RP2 tariff for RGT Pengerang. For results against corresponding quarter, six months, 2022, our revenue declined by 4% to MYR 671 million, due to lower RP2 tariff. The results declined by 9% to MYR 326 million, in tandem with lower revenue, coupled with high operating expenses, mainly on depreciation and utilities costs. Next, for utilities business, the plant achieved 100% product delivery reliability for all the utilities product for the quarter under review. The financial results against preceding quarter, quarter one, 2023, revenue declined by 6% at MYR 570 million, mainly due to lower product prices, in line with the decrease in fuel gas price. Gross profit was at MYR 101 million, 44% higher, attributable to higher margin, mainly from favorable impact of lower fuel gas price. Against the corresponding quarter, quarter two last year, and also against corresponding six-month period last year, segment revenue increased by 35% and 45% respectively, mainly attributable to higher product prices, in line with higher MRP. The product price for steam and industrial gases was higher, in line with the increase in fuel gas price, which is based on the MRP. As for electricity, the tariff was higher as a result of outward revision of our Imbalance Cost Pass-Through, or ICPT, surcharge for the first half of 2023 at MYR 0.20 per kWh. Segment results grew significantly for corresponding quarter and year to date, in tandem with higher revenue and further supported by the favorable impact of improved term in the recent contract renewal, which allow a more balanced cost pass-through to customers, which also help to reduce utilities business vulnerability to gas price movement. Combining all the results for all the segments, we move to financial performance of PGB Group. Against preceding quarter, quarter one, 2023, group revenue was at MYR 1.64 billion, lower by 2%, mainly contributed by lower revenue from utility segment, driven by lower contribution from steam and industrial gases, following lower MRP. Gross profit was at MYR 652 million, an increase of 19%, as a result of higher contribution from all business segments, following lower operating expenses, mainly fuel gas and internal gas consumption. Similarly, profit after tax was higher by 11% at MYR 496 million, in line with higher gross profit, but partially offset by the unfavorable impact of Forex movement. So the Malaysian ringgit weakened by the end of quarter two, compared to quarter one this year. Against the corresponding quarter two last year, PGB Group revenue rose by 9%, mainly contributed by higher revenue from utility segment, driven by the higher product prices. Gross profit increased by 5% with higher contribution from utility segment. Profit for the quarter improved by 19%, in line with higher gross profit, coupled with higher share of profit, profit contribution from JV companies, higher interest income from fund investment, and lower exposure from Forex movement, post-settlement of our US dollar lease liabilities for FSU at RGT Sungai Udang, and also coupled with lower tax expenses. In corresponding quarter, tax expense was higher because of the imposition of prosperity tax. For the six-month result against corresponding period last year, group revenue increased by 12% to MYR 3.31 billion, mainly driven by higher revenue from utility segment. Gross profit, however, lower by 3% due to high operating expenses coming from gas transportation and gas processing segment, coupled with lower revenue from our regasification segment, but these were partly offset by high contribution from utility segment. Profit after tax for the first six months of 2023, higher by 11% on the back of the strong operational performance, as mentioned earlier, and further supported by the higher share of profit from our JV companies, higher interest income from fund investment, in line with higher interest rate, lower exposure from Forex, as well as the lower tax expenses due to no imposition of prosperity tax. Moving on to the balance sheet, as at 30th June 2023, our group total assets declined by MYR 779 million at MYR 18.9 billion. This is mainly due to lower cash and cash equivalent, following the early settlement of our dollar liability for FSU at RGT Sungai Udang, and this was done as part of our foreign exchange rate mitigation strategy, so we can minimize our balance sheet exposure to dollar movement. Nevertheless, we still have a healthy balance of cash, with some headroom to play with for our existing and also upcoming growth projects that we have in the pipeline. For dividend, the board has approved the second interim dividend of 16 sen per share, payable on 22 September 2023. And this interim dividend demonstrates our commitment to ensure sustained level of return to the shareholders. And with that, I end the financial section. I will now pass the line over to Encik Aziz to share on the company update on look-forward basis. Thank you, Shahrul. Ladies and gentlemen, despite the challenging business environment ahead, we are optimistic in delivering another resilient and healthy performance. Our focus, as always, will be on safety, reliability, and operating costs to ensure a sustainable revenue with a healthy margin, while also looking at opportunities for growth and value creation. The recently launched a National Energy Transition Roadmap, NETR Part One, reaffirms the important and relevancy of the natural gas business for Malaysia. The identified catalyst projects and initiatives provide several opportunities for PGB in its pursuit to grow our green portfolio, which include renewables and CCS, supporting our target to achieve net zero carbon emission by 2050. On that note, on 9th June 2023, we signed a memorandum of understanding with Mentri Besar, Terengganu (Incorporated) to conduct a joint assessment on a 40-megawatt mini hydro power plant development. And this project would mean, if realized, would mean a new growth opportunity for PGB in renewable energy, and of course, will help us on reducing our CO2 emission. This collaboration is part of our commitment to build a green portfolio, which is essential for us to achieve our sustainability targets. That's all for now. Over to question and answer. Thank you. Thank you, sir. As a reminder, to ask a question on the phone line, please press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. Once again, please press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. And if you wish to ask a question via the webcast, please type them in the question box and click Submit. Thank you. We are now going to proceed with our first questions on the phone lines. The questions come from the line of Alex Goh from Investment Bank. Please ask your question. Can you hear me? Yes, Alex. Hello. Okay, that's wonderful. Yeah. I've got a few questions, but first, I just... Utilities division. You mentioned that the numbers for your utilities was very, very strong. If I were to compare second quarter against first quarter, I'm looking at your profit line, right? Even though your revenue came down. I'm just wondering, could you explain a little bit of how the ICPT had an impact over there? T here's two factors actually impacting the utilities profit. First, of course, the ICPT. So you see, we sell our electricity based on TNB electricity tariff. Now, the government announced that on top of the TNB electricity tariff, there is an ICPT of MYR 0.20. So that will be added to the tariff that we adjust to the customer. So that's one. The second part is, as you recall, as you see from the presentation, in the first quarter, the MRP was at the highest level of 58 MYR per MMBtu. So the second quarter, it has dropped to 48, around 48. So your cost to generate electricity come down because the gas price come down, while the tariff still remain with the 20-cent ICPT. Then, of course, we also can pass some of it to the other product, as per our new contract that we have signed. Clear, Alex? But going forward, now that the second half of the year, the ICPT is coming down, does that mean the profit as well for your utility section is gonna drop? It works both ways, Alex, because how much MRP comes down, but what we know, the ICPT only dropped by MYR 0.03. So it is a factor of both. If MRP comes down more, then you will see a higher tariff, higher profit for utilities. So it works with those two numbers. One of the reasons why your earnings are so strong overall, like, here was in the second quarter against first quarter, because the operational costs were down. Exactly which, what operational cost part actually have been defined, and was it kind of one-off? Is it going to be recovering going to the second half of the year? Alex. Shahrul, can you repeat your question again? It wasn't too clear. Yeah. Yeah. I'm just looking at all your segmental divisions. I'm just wondering, because your comments mentioned that it was due to lower operating costs. I'm just wondering, what exactly were those costs that came down? And, is that going to be recovering in the second half of the year? I think the main contributor for the lower operating cost is mainly the fuel gas. As mentioned earlier, we incur fuel gas in utilities, as well as in our transportation and regasification business for the IGC. And secondly, in quarter one, our manpower cost slightly higher because we paid our bonus in quarter one. I see. But going- Yeah. Into the second half, will the IGC also come down, yeah, the same level, or what is it? How should we look at this? As I mentioned, as I think we showed in the first slide earlier on the outlook of MRP- Yeah. Because MRP is six months lagging from Brent, so we kind of know the second half of 2023, MRP price will be lower than the first half. I see. Okay. So you still need financial, in other words, to, in the second half, yeah, your bottom line. Yeah. Am I right? Yeah. Okay, that's great. And maybe before I keep anyone else in the queue, my final question is regarding the new projects that you're doing here, as well as some of your energy transition projects. Do you have some kind of idea how much all these investments are gonna cost in terms of CapEx? And what sort of a timeline that you think we can actually be looking at? At this moment, we are still at cell one, which is a very inaccurate CapEx. Even if you know, even if we tell you, also very, inaccurate. But if you look at the target, we are working together with PETRONAS. PETRONAS wanted to capture the CO2 and inject it back in the depleted reservoir offshore of Kertih. PETRONAS target is simple: by 2028, the project should be completed for injection. So we are working backwards. We are looking maybe in a year's time for final investment decision on that project. Okay. With, with all these projects in line, do you think you will pay special dividend by the end of this year? Let's cross the bridge then. Like, I think as always, we always try to balance between, Growth ... growth and also returning return to shareholders. Yep. Okay. But, you know, with this kind of projects in line, I'm just wondering, what would be the kind of IRR that your threshold to cross? I mean, so that it's actually more beneficial to your shareholders rather than giving high dividend. I think it depend on the business model. So if there is, you know, infrastructure with assured return, you would know, it should be in line with the typical infrastructure return. And a lot of PGB, our projects are actually infrastructure, so that's, you can look at those range as a typical IRR. Okay, great. Thank you so much. Thank you. Once again, as a reminder, to ask a question, please press star one and one on your telephone and wait for your name to be announced. Hit star one and one on your telephone and wait for your name to be announced. And if you wish to ask a question on the webcast, please type them in the question box and click submit. We are now going to proceed with our next phone question. And the question comes from the line of Daniel Wong from Hong Leong Research. Please ask your question. Good morning, guys. Can you guys hear me? Yes. Okay, good. Okay, my first question, firstly, it was guided that, maintenance cost for this year should be higher than FY 2022. So I'm wondering, compare this second quarter versus the first quarter, has it been any significant change or just maintained, as a so-called for your maintenance costs? Daniel, Sharul here. Yep. You're referring to our O&M cost. I don't have the number comparing against same period last year, but for the year, we are anticipating higher spending in the second half of the year because the higher level of activities. Comparing against last year, I don't have the numbers as of now. I can get back to you later, but for this year, the spending will be more during second half of the year because there's a lot more planned activities in the second half of the year. Oh, I was asking between first quarter and second quarter, actually. Oh, first and second quarter of the year? Yeah. Because I'm looking at your margin actually improved quite strongly, so wondering any, any attribution to your lower maintenance charges for your second quarter? ... So if you're wondering on the improved margin- Margin. For second quarter, I think- Yeah - the one, the main driver is the lower fuel gas price, as mentioned earlier. I see. Okay. Yeah. Then my thing is, did your internal gas consumption volume decrease or increase between quarter and quarter basis? In terms of volume, not in the overall cost. Volume? Yeah. We'll come back on that, Yeah, sure. Yeah. Yeah, sure. And then my another question on the, on this, it was mentioned that last time you guys are on a commercial negotiation with PETRONAS on the new gas processing, fair return. How? Any updates on that? Okay. As you're aware, the current GPA will expire by end of this year. We have good progress in the negotiation. Rest assured that we will get it ready before end of the year. We should be able to make announcement on that prior to that. Yeah? This one will be under RAB structure also, is it? Similar to what is, It's similar. I mean, return on the CapEx that we are allowed to spend with OpEx pass through. Okay, okay, understand. Okay. I'm referring to your, the NETR slide, yeah, your growth opportunity here. Yeah. Just now you mentioned that this GPS are expected to targeted to commence by 2028, is it? Completed 2028 for- Oh. Capture and injection. So as I mentioned- Mm-hmm. We are starting the field work. It take about a year or so before we reach FID. Okay. I see. The project- Uh, uh. Will be around 2025, starting the EPCC. Okay. Yeah. And actually, I'm more interested on your hydrogen infrastructure. Okay, this hydrogen infrastructure, are we looking at something like the gas transmission network, where you actually intend to expand out to the whole peninsula? Kind of on a grand scale. Okay. I think, again, if there is a molecule of hydrogen, which at this moment- Yeah ...... I think is the biggest challenge, affordable molecule, Yeah ... If that is kind of happen, then I don't see any other company, at least within the PETRONAS group, that is more ready to put the infrastructure for the transport of hydrogen. You see, we have the right of way traversing across Peninsular Malaysia. Yeah. For us, it's just putting another pipeline if need be. There are two ways- Yeah ... either a new pipeline or you mix in the gas pipeline. So all those are options that can be done. Oh, okay. Either you use the existing pipeline of the gas transmission, or you can build another pipeline concurrent to the existing transmission line? Correct. I see. Okay. What else? Okay, just now you mentioned about this mini hydro, this, 40 MW, is it, with Terengganu government collaboration? Yep. When is this project expected to commence, actually, or to- We are still at feasibility study stage. As you recall, we just signed about one month ago, so I can't say until we complete the feasibility study. Yeah. I see. Okay, what else? CapEx guidance, is it still in line MYR 1.2 billion for the year? Hi there, Shahrul here. CapEx, yes, is more or less comparable to last year based on our latest forecast. Yep. Okay. Okay. Yeah. To sum it up, well, from what we understand from just now, the briefing on this, right? Second half of the year, we are expecting demand for utilities from gas, all this, to remain stable compared versus first half, and then overall margin could be higher due to the lower MRP, but may be offset by the higher maintenance charges in the second half also, is it? But we are- Thank you for understanding our briefing. That is exactly what we see for the next six months. I see. Yeah, also on the other thing... Okay, on the interest income, just now you mentioned a higher investment income on this. Is this expected to continue, or this is more one-off in the second quarter? The higher income from fund placement, Daniel, is mainly because of the high interest rate. Interest rate. Yeah. Yeah. High interest rate. Yeah. So because interest rate it remain high, so you—we can expect this one to remain stable? Yeah, also, it's a function of our cash balance. Yeah. If we sanction few projects in the second half, we may have a lower cash balance, but probably- Okay ... offset by the remain elevated, interest rate, compared to last year. Okay, sure. That's all for me. Thank you. May I- Daniel, just one on IGC. You asked about- Yep ... quarter one and quarter two, so it's comparable- Yep ... the volume. Yeah. IGC, the internal gas consumption volume is comparable? No, nothing- Yeah. Nothing, yeah, will change. Okay. Nothing. Maintenance charges, quarter and quarter also nothing change, right? Q and Q basis. Comparable. Comparable. Comparable. Comparable, so okay, sure. Thank you very much. That's all for me. Okay. We have no further questions on the phone line at the moment. I'll hand back to you. Thank you. Okay, thank you, Rania. I think that concludes our analyst briefing for quarter two, 2022. 2023, sorry. Thank you, everyone, for coming. Thank you. Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect your lines. Thank you.