TNB posts RM877.8mil profit in 4Q, declares 18 sen dividend

KUALA LUMPUR: Tenaga Nasional Bhd (TNB), which posted a net profit of RM877.8mil in the fourth quarter ended Dec 31, 2021 (4Q21), has declared a final single-tier dividend of 18.0 sen per ordinary share, totaling RM1.03bil.

TNB said the books closure and payment dates would be announced in due course.

The utility giant said the lower earnings was mainly due to unfavourable foreign exchange and higher tax expense recognised in the current quarter.

Its revenue in 4Q21 jumped 52.4% to RM15.73bil against RM10.32bil a year earlier

The movement in revenue resulted from the higher total sales of electricity mainly due to the under-recovery position of imbalance cost pass-through (ICPT) amounting to RM3.2bil as compared to the over-recovery position of RM1.55bil in the corresponding quarter.

Its operating expenses increased from RM8.89bil to RM14.49bil or 63% mainly due to higher fuel price.

For the full financial year ended Dec 31, 2021 (FY21) TNB’s net profit rose marginally to RM3.66bil from RM3.59bil on the back of a 19.7% improvement in revenue to RM52.63bil against RM43.98bil a year ago.

Commenting on its prospects, TNB said: “With the implementation of the third regulatory period (RP3) effective from Feb 1, 2022, the group foresees a reasonable performance for the year 2022 while remaining cautious on high fuel prices and challenging economic outlook.”

“The group will continue to take prudent measures in terms of its operational and financial requirements to ensure it remains resilient,” it added.