Malakoff Back In The Black In FY2024

KUALA LUMPUR, Feb 21 (Bernama) -- Malakoff Corporation Bhd returned to the black in the financial year ended Dec 31, 2024 (FY2024) with a net profit of RM268.69 million from a net loss of RM837.16 million in FY2023.

At the same time, revenue for the year under review eased by 1.1 per cent to RM8.97 billion from RM9.07 billion previously, mainly attributed to lower energy payment recorded from Tanjung Bin Power Sdn Bhd (TBP) due to the decline in applicable coal price (ACP).

“However, this was partially moderated by higher energy payment recorded from Segari Energy Ventures Sdn Bhd (SEV), and Prai Power Sdn Bhd in line with the higher despatch factor,” the company said in a filing with Bursa Malaysia.

As for its financial performance in the fourth quarter of 2024 (4Q 2024), Malakoff recorded a net profit of RM26.03 million versus net loss of RM357.12 million in 4Q 2023, while revenue slipped 4.4 per cent to RM2.16 billion from RM2.26 billion previously.

“Lower revenue was attributed to lower energy payment recorded from TBP given the decrease in ACP and despatch factor, however, this was partially moderated by higher energy payment recorded from Tanjung Bin Energy Sdn Bhd and SEV in line with the higher despatch factor,” it said.

The company added that it had distributed an interim dividend of 2.23 sen per ordinary share on 4.89 billion ordinary shares in issue -- a payout totalling RM108.98 million, in respect of its FY2024 performance on Oct 25.

-- BERNAMA