KUALA LUMPUR: Tenaga Nasional Bhd
(TNB), which posted an over fourfold jump in net profit in the second quarter ended June 30 (2Q24), anticipates a stable performance for 2024.
The utility giant said it will remain cautious on market volatilities while taking prudent measures to ensure it remains resilient.
“The group is committed to playing an integral role in supporting the National Energy Transition Roadmap while pursuing business growth,” it added.
TNB’s net profit surged more than fourfold to RM1.44bil, or earnings per share of 24.95 sen in 2Q24 compared with RM327.9mil, or 5.70 sen mainly due to a higher operating profit together with a favourable foreign exchange translation.
Revenue for the quarter under review rose 7.8% to RM14.4bil from RM13.3bil due to higher sales of electricity by 5.7% or RM745.8mil.
Its operating profit for the current quarter increased by 19.9% or RM372.5mil mainly due to a lower negative fuel margin in the current quarter compared to the last corresponding quarter.
For the first to June 30, TNB posted a net profit of RM2.16bil, up 62.4% from RM1.33bil while revenue expanded 7.9% to RM28bil against RM25.9bil last year.
“For the period ended June 303, the group reported an improved financial performance driven by stronger demand growth, better operational performance and efficient capital management.
“The 8.4% electricity demand growth recorded is aligned with the country's gross domestic product (GDP) expansion of 5.9% in the second quarter of 2024,” TNB said.
The board of directors has approved an interim single-tier dividend of 25.00 sen per share, amounting to RM1.45bil.
TNB said the books closure and payment dates will be announced in due course.
The final single-tier dividend for FY23 was paid on April 18, totalling RM1.6bil.
