PETALING JAYA: Malakoff Corp Bhd
will maintain its prudent and cautiously optimistic stance on its overall performance for its financial year ending Dec 31, 2026 (FY26).
In a statement, group chief executive officer Syahrunizam Samsudin said Malakoff is well-positioned for a stronger second half after a challenging first half marked by operational pressures at its Tanjung Bin Power Plant.
“The recovery efforts at Tanjung Bin Complex have been completed and with all units now operating at close to full capacity, we expect a materially stronger performance from the plants in the months ahead,” he said.
Malakoff’s net profit in its second quarter (2Q26) fell to RM31.71mil from RM62.83mil the year before.
The group said its year-on-year profit decline was mainly due to lower contribution from Tanjung Bin Power Sdn Bhd (TBP), as a result of a steam turbine generator rotor failure and generator hydrogen cooler leakage, partially offset by the insurance claims receivables and higher contribution from investments in associates.
It also recorded a revenue of RM1.91bil in 2Q26, down from RM2.02bil in the previous year.
Malakoff said this was primarily a result of lower capacity payment from TBP due to the operational failures, but noted that the impact was partially cushioned by higher energy payment from Segari Energy Ventures Sdn Bhd and Prai Power Sdn Bhd in line with the increase in despatch factor.
For the first half of 2026, the group had a lower net profit of RM51.82mil compared to RM96.82mil in the same period last year, while year-to-date revenue stood at RM3.28bil compared to RM4.05bil the previous year.
On a quarterly basis, however, Malakoff said its 2Q26 net profit rose by 58% from RM20.1mil in 1Q26. The increase was primarily attributed to improved fuel margin at TBP and Tanjung Bin Energy power plants, as well as higher contribution from investments in associates, it said.
Malakoff said its Tanjung Bin Complex has made a milestone recovery with its coal handling system fully restored to its full design capacity of up to 5,000 tonnes per hour following successful recommissioning of all three conveyor belt lines at the jetty.
