KUALA LUMPUR, May 31 — Tenaga Nasional Bhd (TNB) posted a net profit of RM715.70 million for the first quarter (1Q) ended March 31, 2024, down 28.6 per cent from the RM1 billion achieved a year ago due mainly to foreign exchange translation loss and tax expenses recognised in the quarter.
Nonetheless, revenue was higher at RM13.64 billion compared with RM12.63 billion previously, reflecting the increase in electricity sales.
“The demand increased by 9.9 per cent mainly driven by commercial and domestic sectors,” the electricity utility said in a filing with Bursa Malaysia today.
It said the firmer revenue was consistent with the country’s gross domestic product expansion of 4.2 per cent.
Looking ahead, TNB said it expects a stable performance for this year as the Malaysian economy is projected to grow between four and five per cent.
The group also said it will remain cautious on the challenges ahead while taking prudent measures to ensure it remains resilient.
“The group is committed to play an integral role in supporting the National Energy Transition Roadmap while pursuing business growth,” it added. — Bernama
