TNB foresees steady performance in 2024

KUALA LUMPUR: Tenaga Nasional Bhd (TNB) anticipates a reasonable performance for the year 2024 and will continue to remain cautious on the challenges ahead.

“As the group strives for business growth, it will continue to take prudent measures in terms of its operational and financial requirements to ensure it remains resilient. The group is committed to play an integral role to support the National Energy Transition Roadmap (NETR),” the utility giant said in a filing with Bursa Malaysia.

TNB said the group reported a fair performance in the financial year ended Dec 31, 2023 (FY23) mainly underpinned by electricity demand growth of 3.8%, consistent with the country’s gross domestic product (GDP) growth of 3.7%.

“The regulated business of the group continued to record stable performance whilst earnings from the non-regulated segment were impacted by negative fuel margin. The stabilising coal prices globally, coupled with stronger collection rate has improved the receivables and working capital position,” it added.

TNB’s net profit fell 27.8% to RM583.9mil, or earnings per share of 10.12 sen in the fourth quarter ended Dec 31, compared with RM809.1mil, or 14.10 sen a year ago. The lower profit was mainly due to unfavourable foreign exchange translation.

Revenue, however, rose to RM13.65bil from RM12.9bil last year, resulting from higher sales of electricity by 5.3% or RM672.6mil.

In FY23, TNB posted a net profit of RM2.77bil, down from RM3.46bil while revenue grew to RM53.1bil against RM50.9bil in FY22.

TNB has approved a final single tier dividend of 28.0 sen per ordinary share, in respect of FY23, totalling to approximately RM1.62bil.

The books closure and payment dates will be announced in due course.

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