Malakoff posts RM884.36mil net loss for FY23

KUALA LUMPUR: Malakoff Corp Bhd reported a net loss of RM884.36 million in the financial year ended Dec 31, 2023 (FY2023) from a net profit of RM255 million posted a year ago.

The significant drop was due to the substantial negative fuel margin recorded for the first nine months of 2023 at Tanjung Bin Power Sdn Bhd (TBP) and Tanjung Bin Energy Sdn Bhd (TBE) coal plants as well as lower contribution from GB3 Sdn Bhd gas plant.

Revenue eased to RM9.07 billion from RM10.35 billion previously.

For the fourth quarter ended Dec 31, 2023 (4Q FY2023), the group posted a net loss of RM357.12 million compared to a net profit of RM41.86 million for the same quarter a year ago, while revenue slipped to RM2.26 billion versus RM2.97 billion in 4Q FY2022.

"The group expects overall performance to be satisfactory for the financial year ending Dec 31, 2024 in view of the gradual stability in global coal prices observed since the second half of 2023,” it said in a filing with Bursa Malaysia today.

In a separate statement, Malakoff's managing director and group chief executive officer Anwar Syahrin Abdul Ajib said the group aims to expand its presence both locally and internationally by leveraging on technical expertise.

"We are actively participating in competitive bids for solar projects initiated by the Malaysian government. Additionally, we are open to potential mergers and acquisitions in the waste management and environmental solutions sector.

"Our commitment extends to continually exploring and implementing viable green technologies for the advancement of Malakoff,” he said. - Bernama