TNB Net Profit Almost Doubles To RM1.58 Bln In 3Q Amid Higher Electricity Sales

KUALA LUMPUR, Nov 28 (Bernama) -- Tenaga Nasional Bhd’s (TNB) net profit almost doubled to RM1.58 billion in the third quarter ended Sept 30, 2024 (3Q 2024) from RM856.20 million in the same quarter last year, thanks to gains in foreign exchange translation, higher electricity sales and improved operational performance.

Revenue rose to RM14.35 billion in 3Q 2024 from RM13.47 billion previously, the utility giant said in a filing to Bursa Malaysia today.

“Electricity sales increased by 6.2 per cent or RM2.37 billion, driving a 7.5 per cent growth or RM2.9 billion in the group’s revenue.

“Demand growth rose by 7.6 per cent, primarily from the commercial and domestic sectors,” it said.

TNB said the imbalance cost pass-through (ICPT) was in a lower under-recovery position of RM7.37 billion as compared to RM8.49 billion in the last corresponding year due to lower fuel prices.

For the first nine months of 2024 (9M 2024), the group recorded a stable performance, underpinned by higher electricity demand, improved operational performance, and effective capital management.

Net profit surged to RM3.74 billion in 9M 2024 from RM2.19 billion in the same period in 2023, while revenue widened to RM42.36 billion from RM39.41 billion previously. 

On prospects, it said as the country’s gross domestic product is expected to grow between 4.8 per cent and 5.3 per cent, the group foresees a stable performance for 2024 and will continue to adopt prudent business strategies to ensure it remains resilient.

“The group is committed to being a key player in advancing the National Energy Transition Roadmap (NETR) while pursuing sustainable growth and value for its stakeholders,” it added.

-- BERNAMA