Open 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 through this Microsoft Teams channel for your reference. During question and answer, 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 are 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, Suryanti. Assalamualaikum and good morning, everyone. Again, thank you for joining us. As always, I'm pleased to be with you all today to announce the results of PETRONAS Gas Berhad quarter four 2023 performance. Before we go into the results, I'd like to share with you some of the key external developments that have impacted and may still impact PGB business operating environment. First is on the continuing geopolitical tension. When we first highlighted this around October/November 2023, the Middle East tension has just started. Meanwhile, the conflicts do not show any sign to subside, and there are also escalating signs within the locality, example the Red Sea turmoil and, of course, the Iran-Pakistan conflicts. However, observe a stable Brent oil price despite concern on escalation as intervention is in place with balanced demand and supply arrangement in the market. So with this development, we have conducted assessment what will be the impact to us, PETRONAS Gas, and there are actually two areas of possible impact. One on demand, Alhamdulillah, as I mentioned, there is, however, minimal impact from the higher fuel gas price. As you are aware, for our utility business, a portion of it, the gas price rising which follow oil, we can transfer through the products other than electricity. But for electricity, with the introduction or the maintaining of ICPT, we were able to actually cushion the impact because of that ICPT. So same time, the potential cost escalation for other costs of operation is assessed to be minimal. Now, the other impact is on the supply chain. There is potentially, because of the supply chain, things that we purchase from areas Europe or whatnot for our projects might encounter delay and, of course, cost escalation. All this could potentially have impact on project delivery and operation. Obviously, because longer alternative shipping route, you can't go through the Middle East and also the escalation of insurance risk premium. That's the two impacts, two areas of potential impact, although at this moment we are monitoring closely to make sure that we can mitigate as early as possible. The second part is the foreign exchange fluctuation, as can be seen in the last 1 month or so, almost touching 4.8. But our ringgit is observed to be neutral, more due to up and down. And of course, this is due to the uncertainty of Federal Reserve on its policy rate. The max hit was 4.77 during November and, of course, during the period of reporting, hovering around 4.65-4.72. The impact on PGB, of course, is specifically due to our U.S. dollar lease liabilities, but we consider it to be minimal because of, as you recall, the settlement that we had last year. However, on the project part, the projects with high exposure to USD, potentially there are some impacts, but we are monitoring it closely in case the cost escalation gets hit. So that's the external environment that we are monitoring closely that we think could have some impact to our business going forward. If I can go to the next slide. Again, as to relate to the earlier slide on the business landscape, I also like to highlight on the current developments surrounding our business operation. Let's take a look at the impact they have on us. Commodity price continue to be on the rise and maintain at high levels in recent years. The gas price, which is the Malaysia Reference Price (MRP), average MRP for the year is MYR 47 per MMBTU, being peaked in quarter one 2023 at MYR 58 per MMBTU. Since then, it has gone on downward trajectory from quarter two onward, leading to averaging MYR 47. We've seen quarter two at MYR 48, quarter three at MYR 42, and quarter four at MYR 40. The cost of energy for Peninsula Malaysia also remains high. This has resulted in higher ICPT surcharge. ICPT, as everybody knows, is regulated through Suruhanjaya Tenaga, and this is a means to soften the impact on energy costs borne by TNB. This, of course, has also impacted our revenue and margin in the utility segment, especially, as I mentioned previously, on the electricity sales price to the customers. With this external environment development, the overall cost of doing business was higher during the period that we are reporting, and for this year, we expect it to remain as such. Now, let's look at our business performance. I'm pleased to share with you some of the highlights. As mentioned, amidst the challenging market conditions that continue to impact our business operation, we continue to deliver a strong performance and maintain sustainable dividend to the shareholders. This strong performance was resultant from our continued and consistent world-class operational excellence, which is close to 100% during the quarter. Among our achievements in 2023 on the long-term contracts. Some of your favorite question in the previous session. Happy to say that on 17 November 2023, December 2023, we concluded the new third-term Gas Processing Agreement with PETRONAS. This is a review that we do similar to the regulated business of what we call the regulatory period. So this is the new regulatory period for GPA, and we concluded on 17 November 2023. The agreement was concluded with the highest recorded CapEx because we need to keep the plan reliable for the processing of gas and OpEx, which was approved as part of the GPA term. And that will improve the reservation charge. I think later, Encik Hisham, our head of BD&C, will provide a brief on some of the key terms of this GPA review. On pipeline projects in catering for growth in demand, we have successfully completed the construction of one is the pipeline extension project to Banting, July 2023. And the pipeline to Pulau Indah completed. We have received the permit to operate and still working on the gas into the customer. On growth, as you are all aware, we achieved FID for new floating storage unit at regasification terminal in Pengerang in November 2023. This will add an additional LNG storage capacity of 200,000 meters cubed, which is about 30% addition to the capacity in Pengerang. As mentioned, it will be in the form of a floating storage unit. We have also achieved final investment decision for the cold energy to leverage on the cold energy that we have in Pengerang for an air separation unit plant to produce nitrogen and oxygen. That was achieved in December last year. Other than that, as we have mentioned, we have settled the USD lease liabilities for the floating storage unit at the LNG regasification terminal Sungai Udang, Melaka. It is as our calculated move again to counter the impact of forex volatility and reduce the exposure to currency market since we collect our fee for the regasification in ringgit, and that lease liability was in U.S. dollar. So that actually, as you can see from our result, eliminates some of the fluctuation in numbers that we are reporting on a quarterly basis. Going to the financial, comparing the full year of 2023 with 2022, PGB revenue stood at MYR 6.45 billion, which is higher by 5% as compared to 2022. And this was mainly contributed by revenue from utilities segment due to the higher product price and, as I've mentioned, in tandem with the elevated fuel gas price and revenue from the electricity tariff for the year, which was also higher. And as I mentioned also, in line with the upward revision of ICPT surcharge. Gross profit was nonetheless lower by 3% or MYR 61 million as a result of lower contribution from the regasification and gas processing segment because of the higher operating expenses, mainly depreciation expenses following the completion of capital projects. And of course, as we have reported to you, this compounded with the lower regasification tariff that we achieve from RP2 as decided by ST previously. Nevertheless, profit after tax, PAT for the year was higher by 8% or MYR 143 million on the back of higher contribution from joint venture companies, lower financing costs, and lower impact from unfavorable foreign exchange movement. Again, I've mentioned following the early settlement of USD lease liability for the floating storage at LNG regasification terminal Sungai Udang. Last but not least, because of our lower tax expenses, EBITDA was higher by 1% compared to 2022 at MYR 3.2 billion in line with the higher PBT of course. Earnings per share was also higher by 11%, reflecting a higher profit attributable to shareholders of the company. Dividend per share for the quarter was approved at MYR 0.22, making it a total of MYR 0.72, which is the same period as last year. Now, let's go into further details of our business and financial performance. And for this, I'll pass you to Shahrul. Over to you, Shahrul Azman. Thank you, Encik Aziz. Good morning, everyone. I shall take you through the business performance for quarter four 2023. So let's start with PGB gas processing and regulated business. As shown on the slide, gas processing segment continued to fulfill its commitment to customers, consistently securing reservation charge and tariff with maximum performance-based scheme incentive achieved, sustaining world-class operational performance, and achieved reliability close to 100% for all products, C1, C2, C3, and C4, with lower plant slowdown and zero interruption to customers. The gas processing technical centre allows GPU to create new values by leveraging on data-driven and new way of aligning its business strategy to address operating challenges such as enabling centralized and integrated information on plant operation, equipment performance, and GHG monitoring, and advanced analytic analysis for plant and equipment performance. This also provides the right employee experience to achieve safe, reliable, and efficient operation. As mentioned by Encik Aziz earlier, the new third-term gas processing agreement or GPA has been concluded with PETRONAS for the period starting January 2024 until the end of 2028. For gas transportation segment, our pipeline network performance is meeting target and achieved close to 100% reliability as always. The sales gas delivered was more than 2.19 billion standard cu ft per day in 2023. As for the project updates for our pipeline business, pipeline to Pulau Indah was progressing slightly delayed, but the pipeline has been successfully hydro-tested and it is now safe to operate with permit to operate has been granted by DOSH in October 2023. For PGU One pipeline replacement project, it has successfully achieved gas in August 2023 and completed all decommissioning activities. Currently, the project is continuing with its statement, abandonment, and abolishment of existing PG1 pipeline. As for the Southern Transmission Improvement and Readiness project, STAR, it is progressing slightly behind schedule due to valve quality issues, but it has been resolved as we speak today. So the target completion is by January 2025. As for regasification segment, both of our terminals in Sungai Udang and Pengerang sustained strong reliability performance close to 100%. In 2023, both terminals received 50 cargoes, slightly lower than last year of 54. And for the ancillary services, we completed 2,190 LNG truck loading service deliveries, higher than last year of 971. And this indicates that gas demand remains robust even to areas not connected to our pipeline. Higher nu`mbers on GUCD and reloading services were also recorded in 2023. And as mentioned earlier, we have achieved Final Investment Decision for additional LNG storage project in Pengerang in September 2023. Moving on to utility segment. During the quarter, Group Utilities Plant achieved close to 100% product delivery reliability for steam and electricity. Higher product sales volume for all products achieved due to higher demand from customers as compared to the previous quarter. However, comparing between full year 2023 with 2022, volume for all products were lower due to lower customers' uptake. There were shutdowns at customers' facilities, so there was lower demand in 2023. The imbalance was passed through, better known as ICPT. Surcharge was continued at a rate of 17 sen per kWh for the second half of 2023. This was lower than the surcharge in the first half of 20 sen per kWh, leading to a lower revenue for electricity for the second half of the year. For the first half of 2024, the ICPT surcharge remains at 17 sen per kWh. With the current rate of ICPT, we continue to strengthen our efforts to ensure plant safety and efficiency as top priority so that supply to customers through what we call as new enhanced dispatch arrangement, NEDA, is reliable. On growth projects, our EPCC for Sipitang Power Plant is progressing as per schedule. And as also mentioned by Encik Aziz earlier, we also have achieved FID for ASU cold energy project in quarter four 2023. All right. Let's move on to the financial performance. I will start with the overall result of PGB Group. In quarter four 2023, PGB Group continued to sustain its strong performance across all of its plants and facilities. Against preceding quarter, quarter three of 2023, group revenue increased by 2% driven by higher revenue from utility segment as a result of higher product sales volume. Gross profit was nonetheless lower by 13% at MYR 507 million due to higher operating expenses, mainly maintenance costs following higher level of activities performed during the quarter. Profit for the quarter was also lower by 5% in line with lower gross profit, but this was partly cushioned by higher contribution from joint venture companies. Against corresponding quarter, quarter four 2022, group revenue declined by 3%, largely attributable to lower revenue from utilities and regasification segments. Lower utilities revenue was mainly due to lower product price and customers' uptake, while regasification revenue was lower in line with the lower RP2 tariff compared to RP1. Gross profit, however, improved by 8%, mainly due to lower fuel gas consumption, partly driven by our optimization efforts. Correspondingly, profit for the quarter was slightly higher by 1% at MYR 466 million. All right. For the full year results, again, corresponding year to date of 2022, group revenue increased by 5% to MYR 6.5 billion, mainly contributed by revenue from utilities segment as a result of higher product prices in tandem with the elevated fuel gas price. Electricity tariff for the year was also higher in line with our revision of ICPT surcharge. Gross profit was nonetheless lower by 3% as a result of lower contribution from regasification and gas processing segments due to higher operating expenditure, mainly depreciation expense following the completion of several capital projects, including plant rejuvenation and statutory plant turnarounds. This was further compounded with lower regasification tariff under RP2. Despite lower gross profit, profit for full year 2023 improved by 8% to MYR 1.9 billion on the back of higher contribution from joint venture companies, lower financing costs, and lower impact from the unfavorable foreign exchange movement, as mentioned by Encik Aziz here following the early settlement of our lease liability. This was also supported by lower tax expense, where the corresponding tax expense was higher as a result of imposition of prosperity tax or known as Cukai Makmur for last year 2022. For segmental performance, against preceding quarter, quarter four versus quarter three, lower gross profit recorded for all operating segments, namely gas processing, transportation, regasification, and utilities, mainly due to higher operating expenditure following higher level of maintenance activities performed during the quarter, as well as higher depreciation expense incurred in line with higher projects completion during the quarter. Against the corresponding quarter, quarter four 2022, Gas Processing segment recorded lower gross profit by MYR 23 million due to higher operating expenditure, mainly on depreciation. For Gas Transportation segment, the result was higher driven by lower operating expenditure, mainly internal gas consumption. Internal gas consumption expense was lower due to upward adjustment for full year 2022 that was recognized in the corresponding quarter. So there was an adjustment recognized in quarter four 2022 for the full year of 2022. For Regasification segment, lower gross profit recorded due to lower regasification tariff under RP2 and coupled with higher operating expenditure, mainly on the floating storage and charges and also internal gas consumption. For Utilities segment, the result surged to MYR 56 million on the back of lower operating expenditure, mainly fuel gas costs in tandem with the downward movement of benchmark price and also supported by our ICPT revision. For results, again, corresponding year to date 2022, the trend actually is similar for corresponding quarter for gas processing and regasification segments. Gas transportation result was comparable against 2022. On the other hand, segment result for utilities for full year 2023 surged by more than 100% in tandem with stronger margin following our revision of ICPT surcharge. And this is partly negated by higher operating expenditure, mainly fuel gas price and also depreciation expenditure. All right. Moving on to the segment of financial position or balance sheet. As at 31 December 2023, group's total assets at MYR 19.4 billion was lower by MYR 308 million due to local cash. This is due to the early settlement of U.S. dollar lease liabilities for the floating storage units at Sungai Udang, Melaka, and partially offset by higher property plant and equipment investment in joint venture balances in tandem with higher capital expenditure and share of profit effect. The capital expenditure group spent MYR 1.8 billion in 2023, which is comparable to 2022, mainly on operational CapEx, and the rest was spent on gross CapEx for the year. Concurrently, the group total liabilities have also reduced by MYR 774 million. This is as a result of the early settlement of U.S. dollar lease liability, as mentioned earlier. Our cash, despite the early settlement of the FSU, lease liability remained healthy with headroom to play with for existing and upcoming growth projects. As for the dividend, as mentioned by Encik Aziz earlier, the board has approved the fourth interim dividend of MYR 0.22 per share payable on 15th of March 2024. This dividend demonstrates our commitment to ensure a sustained level of return to the shareholders despite the ongoing economic conditions. We still give a healthy level payout more than the committed dividend policy of 50%. All right. If I can move to the summary. For 2023, PGB's performance has been good. We continue to sustain world-class operational performance. Our external operation continues to be the basis of our strong business performance, again achieving close to 100% reliability in delivering products and services in all of our operating segments. Financially, higher revenue was contributed by revenue from utilities segment due to higher product prices in tandem with the elevated fuel gas price as well as the higher electricity tariff for the year in line with our revision of ICPT. Despite lower gross profit, higher profit after tax recorded on the back of higher contribution from our joint venture companies, lower financing costs, and lower impact from unfavorable forex movement. Our cash balance remains healthy to support our growth projects and a healthy dividend at MYR 0.22 per share. And I think that's all from me. I will now pass the line back to Encik Aziz to share on the company outlook. Thank you, Shahrul. Ladies and gentlemen, this update is a long forerunner of our sustainability. First and foremost, on our track record of operational excellence, showcased by continuous safe, reliable, and efficient operation, is our building block in ensuring sustainable value via revenue with a healthy margin from our long-term contracts. Next is our pursuit for growth and value creation as well as efficient revision will be on the basis of safeguarding the environment and ensuring positive social impact to our stakeholders and responsible governance. To ensure better execution of project focus for 2024 will be on enhanced project delivery practices. We will also be planning for execution of the third term of the gas processing agreement, which, as mentioned a few times, has been signed. Now it's about executing that agreement accordingly. We are confident that with all that we have achieved in 2023, we are in a good position to strive for greater ambition in 2024 That's all from me before we move on to Q&A. I'd like now to invite our Head of Business Development and Commercial, Encik Hisham Maaulot, to give a sharing on the salient terms of the recently signed gas processing agreement. Encik Hisham? Thank you very much, Encik Aziz. Can everyone hear me? I think it's okay. Yeah. All right. Thank you. Good morning. Hi, everyone. My name is Hisham. I'm the Head of Business Development and Commercial of PGB. I just have a couple of pages to give you a better insight of this newly concluded GPA third term. Now, to better appreciate the new terms of the GPA, I'll share some background of this GPA, which is a gas processing agreement, with you. The gas processing agreement, it was signed between PGB and PETRONAS in 2014 for a duration of 20 years for the services of processing natural gas that we provide for PETRONAS. The agreement is divided into four terms, and the third term, which we recently concluded, it is an implementation guide of the GPA commencing starting from 1st of January 2024 until 31st December 2028. Thus, it is for a period of five years. Now, fundamentally, it is still the same. The remuneration structure under the GPA is calculated based on the following four components. So component number one, PETRONAS shall pay PGB a fixed reservation charge at MYR 2.524 per million standard cubic feet. Component number 2, PETRONAS shall pay PGB the flow rate charge of MYR 0.20 for each gigajoule of dry gas processed above the committed target of 1,750 MMscfd in each calendar month throughout the third term GPA. Now, number threwe, PETRONAS shall pay PGB the performance incentive whenever PGB achieves higher overall equipment effectiveness, the performance target for ethane, propane, butane. And lastly, component number four, PETRONAS shall provide internal gas consumption at no cost to PGB, provided that PGB shall operate within the agreed operating parameters. We call it AOP. The AOP is a predetermined range between 2% above, which is the upper limit, and 2% below, which is the lower limit of the agreed operating conditions. Incentive and penalty shall be remunerated or levied if PGB operates outside the AOP. Now, those are the fundamentals of the GPA, and we have concluded it, and we will start from the 1st of January this year. Now, if you can move to the next slide, the result of this conclusion, PGB has successfully received approval for third term GPA with higher reservation charge by MYR 92 million per annum compared to the previous GPA second term. Higher reservation charge encompasses higher asset base, including our new sustainability-driven projects, as well as higher operating expenditure in line with our higher cost of doing business. There is also minor revision to our performance-based structure, PBS we call it, and our internal gas consumption under the third term GPA renewal. The new PBS provides opportunity for PGB to maximize the incentive and margin. We believe this is achievable based on our past performance and further supported by our tech centre that Shahrul has explained earlier. So that's all that I have to provide you some insight on our third term GPA. I'll pass over to Suri for the next session. Thank you, Encik Hisham, Encik Aziz, and Encik Shahrul. We have now come to the Q&A session. Please be reminded to continue to obey to the session rule 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. We also type your question in the chat box, and we will read it out loud for you. So I guess we can start. Do we have a first question? Okay. We have 1 question on the chat box from Ong Zihen. What is the joint venture that recognised more profit in quarter four 2023? Ask Shahrul to take this question. Okay. So thank you for the question. So the joint venture that recognized more profit in quarter four and also for the full year in 2023 is Kimanis Power Sdn Bhd and also our IGS Sdn Bhd. There are two joint ventures that contributed higher profit for the year 2023. Thank you, Zihen. Sure. Okay. We have one raised hand here. Can I pick Anshul? Hi. Can you hear me? Yes. Yes, Anshul. Hi. Good morning. I have a few questions. Let's start with the dividend payout guidance. I know you maintain it under the policy, but do you have any intention to raise it moving forward? Anshul, as mentioned a few times on this, we try to balance the cash distribution considering the dividend policy as well as the need for growth that we have always communicated to you. We do have initiative on the growth that we see that would need us to balance this cash distribution accordingly. That's why the dividend that we have paid out is very much aligned with what we have paid year in, year out in the last three or four years, but well above the dividend policy. So that is the current guidance that we can give you. Yeah. I understand. You mentioned about focusing on growth. Can you share your guidance for the CapEx for 2024? I'll let Shahrul. As I mentioned earlier, in 2023, we spent about MYR 1.2 billion. I think about 60% is on operational, and the remaining is on growth CapEx. So for 2024, we believe the operational CapEx will remain at the same level, but 60%-65% of our total CapEx. But as mentioned by Encik Aziz, as we embark on growth projects, we probably spend more in 2024 for the growth portion. But depending on the milestone, probably the milestone on the growth, certain of it will happen in 2024, but I believe the bigger portion will happen in the following year. Yep. Yep. As you're aware, Anshul, we have the Sipitang Power projects, which are starting the construction. So you see more CapEx for that. We have just FID the two projects that I mentioned, the ASU on the cold energy and the storage. So all this, both beginning in January, but we'll see more CapEx towards the later part of the year. So compared to 2023, you will see a higher CapEx, primarily because of those projects that I have mentioned. Yeah. Any chance you can share the overall CapEx for these two individual projects? For the CapEx for the projects, you mean? Yes. The Sipitang and the extended storage. Okay. So the Sipitang is above about MYR 250 million. The Kimanis, we are looking at above MYR 400 million. And the storage, above MYR 100 million. But I think the big chunk of the cost on that is because we are leasing the storage. It's a ship storage similar to Sungai Udang. So the CapEx is maybe low, but actually a lot of it, a lot of the cost will be on the leasing of the ship FSU for the storage. So those are the CapEx for the three projects that I've mentioned. Thank you. I had another question about the regulated business. Considering this is the first year where the IDC cost will be reset at the end of the year again, how do you see your costs evolving for the regulated business? Do you see margins returning to what they were in 2Q? Can you repeat the question? The last part. Yeah. The last part. Do you see the margins improving again, considering they've been coming down specifically for the regulated business? What we can pass through year in, year out is the gas in terms of price, which if it's higher, we can recover the next year. And volume, there are some percentage sharing if you can recall back what we have shared before. So for this year, we think we get some slight positive benefit on that. Not much, but it's a positive benefit comparing those two elements. Yeah. I understand. I have one last question. I'm so sorry. I'll get back with you after this. In a call with PCHEM, they mentioned some issues regarding steam supply. Can you explain a bit about what happened, and was there any financial penalty that you had to face? Call with who? PCHEM. PCHEM. PCHEM. Oh, yeah. Of course, we operated back to back with PCHEM plants. So if there are disruptions in our facilities, you will see some disruption. But we do have some small problem, but the disruption was not that significant. In fact, we actually come back quite fast to support the operation accordingly. Yeah. That was sometime in December last year, November, December. Yeah. Were there any costs or penalties that? Not to us. Of course, we can't collect the revenue because the volume was not delivered, but that's all. Okay. Thank you. Thank you again. Back in the queue now. Yeah. Thank you, Anshul. I think next one, I'll pick up Daniel from Hong Leong. Hi. Good morning. Can you guys hear me? Yes. Yes. Okay. I have a few questions, sir. Maybe I'll start out with. The growth projects, when is it we expect the ASU, the LNG storage, and the Sipitang plant to commence operations? You are asking about when will it commence operation, right? Yes. When will all these three projects commence operation? Yes. Yeah. The Sipitang one will be 2026 because we are supplying to the PETRONAS LNG facilities. They will be ready that year. So we are just matching to that timing. The coal energy will be 2026 also. And the LNG storage expansion will be quarter 2 2025. Okay. Thank you. Thank you. Okay. On these current quarters, can I check what is the incentive fees that you receive for the gas processing versus third quarter? Third quarter and Third quarter and fourth quarter, how much was the incentive fees for the gas processing? Last year, right? Okay. But last year. The third and fourth quarter, the numbers is probably similar to first and second quarter because we collect pool. Oh, collect pool. Yeah. Thanks. There are things on the JV operations that contributed strongly during this quarter. Can I check what has contributed so strongly this quarter for this Kimanis Power, IGS as compared to third quarter, second quarter, and first quarter? It shows your numbers just doubled, more than doubled up on a quarterly basis. So as Shahrul mentioned, of course, Kimanis, as you're aware, Sabah has a lot of power needs, primarily because some of the weather last year was hotter in Sabah. Then there were disruptions on the other IPPs as well as the unavailability of the hydro plant. You mean only on the fourth quarter yourself? Throughout the year. Throughout the year. So we will call at the higher utilization load factor than what was in the previous year. Yeah. Just to meet the demand in Sabah. Yeah. Sorry. I mean, in the fourth quarter last year, compared to the elevation of the quarterly for the first nine months, your number just more than doubled up. Yeah. I think also it's not on a full-year basis. Yeah. Yeah. If I can help, Daniel, I think as mentioned by throughout the year, it's higher load factor given the higher demand from Sabah. So Kimanis was running on the higher load factor in full year and also in quarter four. But there's also higher per variable power improvement on the forward contract for the JV in Kimanis. And of course, there's also some tax optimisation on the maximum utilization of their available tax benefits. Thanks. That's all for you. So can I say that this MYR 100 million this quarter, this fourth quarter, is not sustainable? We are looking at somewhere around MYR 40 million-MYR 50 million per quarter basis in terms of. Yeah. You are right. Yeah. Yeah. You are right. Yeah. Okay. Coming into this new GPA, the third GPA, we noticed that your base fees have increased by about RM 90 million, and then your incentive also increased by about RM 30 million. So are we able to make an assumption that this year, easily, you can make additional RM 100 million just because of the higher fees for this GPA, or we are accepting some kind of offsetting on the higher operational costs or 10% charges for this GPA, which will offset this additional revenue, I mean? You read it very well, Daniel, because as we go into the future, the plant is older, so the OpEx we expect to be higher. So some of these benefits will be eaten back by those OpEx. Yeah. I see. Okay. The other thing, I just need to check. Just now, it was mentioned that for anything more than 1,750 MSCF, then you guys will be able to charge an additional floor rate charge of MYR 0.04 per gigajoule, is it? 20 cents. 20 cents. Yep. Per gigajoule for additional. Yep. Okay. That's all from me. Thank you. Thank you. Thank you, Daniel. We will go next to the person who waited quite long now, Mohammad Nor Ashman. Hi, everyone. Thank you. Firstly, it's on the higher maintenance charge that we saw for this year. Could you help us to get some idea, some sense of where are the sizable charges coming from for this line item? In terms of the higher maintenance costs for the year, first, it corresponds with the higher level of activities. Most of it is planned activities. And secondly, there's also impact on the higher as we shared with you earlier on the business environment, there's higher inflation. So same services that we rendered in 2022 cost us more in 2023 because of that. All right. I noticed that the effective tax rates for this quarter rose up quite significantly at 24% compared to the previous three quarters where it was running at levels around 17%-20%. Any reason why the increase in effective tax rate for this quarter? You're referring to the effective tax rate? Yes. So I think there's a couple of reasons. Firstly, in 2023, the placement of our deposit in our in-house account is now taxable. Previously, it was not taxable. It was tax-exempted, but starting 2023, it's taxable. And we also had higher interest income in 2023, hence higher tax. And not only that, in the previous quarter, yeah, I think that's the reason for the higher tax. Yeah. Okay. All right. So mostly financial assets lah, kan? Yeah. Yep. Yep. All right. All right. And then on the KPI assumption, I understand that you've already mentioned this that we should expect 2024 to be more. But in line with the idea that the third-term GPA terms were to cater for higher KPIs for the aging plants and all, what would be a safe assumption moving forward, yeah? Yeah. In terms of KPIs, is it? Yes, sir. I suppose maintenance, if you go back to the normal operational KPIs, you go back to the last two years or so, we're looking at 800. Yeah, about MYR 800 million. The growth, I mean, watch for our FID announcement, then normally, we'll give you the KPIs, whatever the investment associated with that FID announcement. Then, of course, projects would take what, three, two to four years. You could work for yourself what would be the so-called KPIs outlay based on those two, three years, two to four years typical project duration. Typically, the second and no, the third and fourth year is the heaviest when you look at the KPIs outlay. So you can estimate based on those typical practice or typical trend that we have seen. Yeah? All right. Thank you very much. Just a quick question on the LNG FSU that you announced for the plant in Pengerang. Can I just try to understand why you chose this mode rather than to build the additional terminal facilities? Issues floating storage. Oh, again, there are many, many considerations. I think cost, of course, is a big consideration. Unfortunately, when we were exploring this project, the cost of steel was very expensive. So to do onshore, we assess against to do offshore. It is more cost-effective to do offshore. And also, we had ship available coming out of long-term charter that can be used for this purpose. So when you look at all those factors, the most beneficial, most effective scheme was offshore. So that's why we proceed with offshore. All right. Yeah. Okay. I think that's all for my questions today. Thank you very much. Thank you, Mohammad. I'll take one last question here from Hadhi. Hi, Hadhi. Hi, Haji Aziz and team. Just one question from me. I remember in the third quarter, you guys talked about greening portfolio, 40 MW of mini hydropower plant and 150 MW of solar power generation. Can we get updates on these two projects? Announcement will be made in due course. Normally, I would say that. But at this moment, we are in the framing stage because there are many models that we are considering. Yeah. The solar, as you're aware, there are many models. Either you do it yourself or you do the KPIs free models. So we are still in the process of assessing which is the best for us, yeah, when it comes to those potential green projects. Okay. All right. That's clear. Thank you, Haji Aziz. Thank you. Thank you, Hadhi. With that, I'd like to conclude today's session and this briefing for quarter four 2023. We'll see you in the next quarter. Thank you, everyone. Thank you. Thank you. Thank you.