KUALA LUMPUR: Malakoff Corp Bhd
continues to make steady progress in strengthening its position in Malaysia’s energy transition, according to group chief executive officer Syahrunizam Samsudin.
He noted that Malaysia’s shift towards renewable energy is progressing well and said the group is encouraged to see Malakoff contributing meaningfully to that agenda.
“The Government’s letter of notification for our 470 MW solar project in Larut and Matang is an important milestone for us.
“It will be the largest single-site solar development in the country, undertaken together with Solarvest Holdings Bhd under a 21-year solar power purchase agreement with Tenaga Nasional Bhd,” he said in a statement.
Syahrunizam said the group has also expanded its footprint in East Malaysia through a 30-year power purchase agreement with Syarikat Sesco Bhd for a 100MW solar project in Bintulu, Sarawak.
“In addition, our reservation agreement with Mitsubishi Power Ltd. helps us secure key equipment ahead of time, ensuring that the development of our planned 1,400 MW combined cycle power plants can proceed with greater certainty despite global supply chain pressures.
“Both projects strengthen our green solutions pillar while reaffirming our resolve to advance energy transition initiatives. They also reflect the scale and direction of our clean energy ambitions, and the role we aim to play in supporting the country’s long-term energy needs,” he said.
In the third quarter ended Sept 30, Malakoff’s net profit tumbled 67.5% to RM28.2mil, or earnings per share of 0.01 sen, bringing its nine-month net profit down 48.5% to RM125mil, or 1.43 sen.
The decline was mainly driven by Tanjung Bin Energy Sdn Bhd’s (TBE) loss of capacity payments after a steam turbine pipe leakage and Tanjung Bin Power Sdn Bhd’s (TBP) negative fuel margin following the drop in coal prices.
Quarterly revenue fell 23.8% to RM1.69bil, while nine-month revenue declined 15.7% to RM5.74bil.
Malakoff said the lower revenue was mainly due to lower energy payments from TBP and TBE as a result of the drop in the applicable coal price, as well as lower energy payments from Segari Energy Ventures Sdn Bhd following a decrease in its despatch factor.
