KUALA LUMPUR — Tenaga Nasional Berhad (TNB) reported a fair financial performance in the nine months of Financial Year 2022 (9MFY2022), supported by higher Group electricity demand of 7.2% year-on-year, in line with Malaysia’s economic growth.

Group revenue without cost recovery of the Imbalance Cost Pass-Through (ICPT) for the period increased by 6.6% to RM37.95 billion from RM35.59 billion, attributed to the increase in TNB sales of electricity in all sectors.

TNB President and Chief Executive Officer, Dato’ Indera Ir. Baharin Din said the under-recovery of ICPT for the 9MFY2022 has surged to RM15.92 billion from RM1.30 billion in the same period last year due to the current high fuel price environment.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) were reported higher at RM16.31 billion as compared to RM14.39 billion in the same period last year.

EBITDA margin (without ICPT cost recovery) improved to 43.0% from 40.4% last year, reflecting an improvement in TNB’s operational performance.

However, the profit after taxation (PAT) for the period under review dropped by 4.3% to RM2.75 billion from RM2.87 billion in the same period last year.

This was mainly contributed by the higher foreign currency translation losses, finance cost and tax expenses which include Cukai Makmur for FY2022.

For the first nine months of 2022, the country’s overall economy expanded by 9.3%, consistent with Peninsular Malaysia’s electricity demand growth of 8.1%, which has contributed to the Group’s resilient performance during the period. However, challenges remain as the ongoing high fuel price environment continues to put pressure on the Group receivables balances.

Taking into consideration the challenging business environment, the Group anticipates a reasonable performance for the year 2022. Nevertheless, the Group remains cautious and has taken prudent measures in terms of its operational and financial requirements to ensure it remains resilient.

Press release — 

PRESS RELEASE 3rd Qtr 2022 (TNB STAYS RESILIENT AMIDST ENERGY CRISIS) FINAL

– BebasNews

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