KUALA LUMPUR: Malakoff Corporation Bhd
returned to the black with a net profit of RM93.57 million for the second quarter (2Q) ended June 30, 2024, from a net loss of RM318.73 million in the same quarter last year.
It attributed the higher net profit primarily to improved contributions from Tanjung Bin Power Sdn Bhd (TBP) and Tanjung Bin Energy Sdn Bhd (TBE) plants, given the lower weighted average coal costs following stabilisation of global coal prices and gain arising from compensation for compulsory land acquisition.
Revenue, however, was slightly lower at RM2.31 billion compared to RM2.36 billion previously due to lower energy payments recorded from TBP and TBE in line with the decline in applicable coal price, it said in a filing with Bursa Malaysia today.
For the first half of 2024, the group registered a net profit of RM132.24 million against a net loss of RM417.82 million in the previous corresponding period, while revenue fell to RM4.59 billion from RM4.65 billion.
In a separate statement, Malakoff managing director and group chief executive officer Anwar Syahrin Abdul Ajib said, in response to the growing energy demand, Malakoff is gearing up to assist the government in securing the nation’s energy supply by optimising plant efficiency while also advancing its renewable energy initiatives.
"This week, Prai Power Sdn Bhd, a subsidiary of Malakoff, signed a new power purchase agreement with Tenaga Nasional Bhd, enabling the continued operation of our 350 megawatts (MW) combined cycle gas turbine power plant in Penang for an additional year with the possibility of further extensions in the future.
"With the scheduled commercial operation date set to begin on Sept 1, 2024, this move ensures a stable and reliable energy supply to meet Malaysia’s growing demand while enhancing energy security with a safe and sufficient reserve margin,” he said.
Meanwhile, Malakoff has declared an interim dividend of 2.23 sen per ordinary share, which will be paid on Oct 25, 2024.
At the close today, Malakoff’s share price was down by 3.5 sen to 84 sen per share, with 4.43 million shares traded. - Bernama
