IPP
, Malaysia
137 views

TNB sees double-digit profit drop to RM9b in Q1

This was due to the exponential increase in fuel prices.

Tenaga Nasional Berhad (TNB) reported its profit after tax declined by 10.5% to RM9b in the first quarter of the year due to the exponential increase in fuel prices. 

During the same period, TNB saw its revenue increase by 36.4% to RM15.7b as Malaysia’s electricity demand grows by 4%.

The Group noted that the power generation costs, including fuel costs, constitute over 65% of the base tariff. The rising price of fossil fuels, especially coal, has increased the country’s power generation costs. 

“Our continuing investments will ensure that our existing infrastructure will operate efficiently while we embark on our Sustainability Pathway with an aspiration to achieve net-zero emissions by 2050. The coming years will see TNB focused on supporting the Government of Malaysia in rebuilding our nation’s economy,” TNB President and CEO Datuk Ir. Baharin Din said.

In light of the continuing fuel price hike, Baharin said TNB is working closely with the government to ensure the welfare of the needy is protected whilst also safeguarding the continuation of the Incentive-based Regulation framework.

 

Follow the link for more news on

Join Asian Power community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!