KUALA LUMPUR: Tenaga Nasional Bhd (TNB), which posted a net profit of RM888.9mil in the third quarter ended Sept 30, anticipates a reasonable performance for the year 2022.
“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,” TNB said in a filing with Bursa Malaysia.
It said challenges remained as the ongoing high fuel price environment continues to put pressure on the group receivables balances.
The utility giant saw its revenue jump 47% to RM19.07bil in the third quarter from RM12.97bil in the same period last year.,
The higher revenue was mainly due to the higher under-recovery of ICPT of RM6.1bil as compared to the same quarter last year which was at RM1.3bil.
Its earnings per share for the quarter stood at 15.50 sen from 17.57 sen a year ago.
TNB’s operating expenses increased by 51.2% in the third quarter mainly due to higher generation costs.
The operating profit increased from RM2.06bil to RM2.91bil, an increment of RM852.7mil or 41.4% due to the above, coupled with lower net loss on financial instruments and higher other operating income recorded in the current quarter.
In the first nine months to Sept 30, TNB posted a net profit of RM2.65bil, or 46.29 sen down 4.7% from RM2.78bil, or 48.72 sen while, revenue jumped 46% to RM53.9bil against RM36.9bil last year.
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