TNB makes RM1bil net profit in Q3

KUALA LUMPUR (Bernama) -- Tenaga Nasional Bhd's (TNB) net profit was flat at RM1.003 billion in the third quarter (Q3) ended Sept 30, 2021, from RM1.009 billion registered in the corresponding period last year.

Revenue for the period under review jumped to RM12.98 billion compared with RM11.11 billion previously.

"The group’s performance for the first nine months of 2021 improved compared with the same period in the preceding year despite challenges faced during the COVID-19 pandemic.

"Demand has started to show improvements, growing at 0.6 per cent against a contraction of 6.2 per cent in the same period in the last financial year,” the utility company said in a filing with Bursa Malaysia today.

For the first nine months of the financial year 2021, TNB's net profit rose to RM2.78 billion versus RM2.38 billion recorded a year ago, while revenue edged up 9.6 per cent year-on-year to RM36.89 billion from RM33.65 billion a year ago.

In a separate statement, TNB said the improvement in economic activities has also lent support to a positive performance in its subsidiaries.

TNB president and chief executive officer Datuk Baharin Din said TNB recorded another period of resilient performance mainly on the back of improved economic activities.

However, the company saw a contraction of 6.7 per cent of TNB's third-quarter electricity sales compared with the previous quarter, an effect of the shifting dynamics caused by the pandemic, he said.

"On a positive note, the increase in demand is expected to improve in the coming months and into next year as more economic activities open.

"TNB also continues to work with the government on multiple fronts to support the nation’s economic recovery such as multiplier effect initiatives through our ongoing scholarship programmes, vendor development programmes, as well as an intensive reskilling programme to train and place workers in jobs,” he added.

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