KUALA LUMPUR, Feb 28 — Tenaga Nasional Bhd’s net profit for the financial year ended Dec 31, 2018 rose to RM3.72 billion from RM2.62 billion registered in 2017.

Its revenue soared to RM50.39 billion from RM15.69 billion, previously, on the back of higher sale of electricity.

In a statement, TNB president and chief executive officer Datuk Seri Ir Azman Mohd said stable returns, ensured by the incentive-based regulation, enabled the utility company to reinvest heavily into ensuring the reliability and sustainability of the national grid while enabling increasing investments in renewable energy.

"We intend to forge ahead with our strategic plan that is aligned towards creating value for customers while supporting the government’s push towards Malaysia Energy Supply Industry 2.0,” he said.

Meanwhile, TNB spent RM11.82 billion in capital expenditure in 2018 for maintaining, improving and modernising power infrastructure to keep pace with the growing electricity demand, as well as, to accommodate the growth of renewable energy in the country. — Bernama