TNB 1Q net profit soars to RM1bil

KUALA LUMPUR: Tenaga Nasional Bhd (TNB), which net profit hit RM1bil in the first quarter ended March 31, 2023, expects a reasonable performance for the current financial year 2023.

“The group foresees a reasonable performance for the year 2023 and will continue to remain cautious on the challenges ahead including high fuel prices and inflation.

“The group will continue to take prudent measures in terms of its operational and financial requirements to ensure it remains resilient,” TNB said in the notes accompanying its financial results.

The utility giant’s net profit jumped 12.2% to RM1bil, or earnings per share (EPS) of 17.42 sen in the first quarter from RM893.1mil, or (EPS) of15.60 sen a year earlier.

Revenue for the quarter expanded 3.9% to RM12.6bil against RM12.1bil previously mainly due to the higher sales of electricity of RM407.9mil, up by 3.4% against the corresponding period with demand growth of 0.8%.

Its operating expenses increased 7.5% to RM14.4bil, mainly due to higher generation costs, which led to a higher imbalance cost pass-through under recovery recognised in the current quarter.

“There was a net reversal on impairment of financial instruments amounting to RM48.7mil recognised in the current period, due to an improvement in the collection trend,” it said.

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