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Malakoff 2QFY21 profit up 12%, raises dividend to 3.1 sen

KUALA LUMPUR (Aug 20): Malakoff Corp Bhd booked a 12.14% rise in net profit in the second quarter ended June 30, 2021 (2QFY21) to RM117.73 million from RM104.96 million, mainly due to higher applicable coal price, and higher contributions from Alam Flora Sdn Bhd and foreign investments.

The improved earnings were partially offset by absence of a one-off settlement contribution for its Tanjung Bin Energy power plant last year, Malakoff said in its results filing.

Quarterly earnings per share increased to 2.41 sen, from 2.15 sen. The group raised its half-year dividend to 3.1 sen per share from 2.8 sen in 2QFY20.

Revenue-wise, Malakoff recorded a 5.2% growth in the quarter under review to RM1.58 billion from RM1.51 billion, mainly due to the higher payments recorded from its Tanjung Bin coal plants on the aforementioned increase in applicable coal price, offset by lower energy payments from Segari Energy Ventures and Prai Power due to decrease in despatch factor.

The latest quarterly results helped Malakoff book a net profit of RM178.18 million or 3.65 sen per share for the half-year period ended June 30, 2021 (1HFY21). However, the six-month cumulative profit was down by 8.22% against RM194.14 million or 3.97 sen per share.

Revenue fell 10.5% to RM2.94 billion in 1HFY21 from RM3.28 billion a year ago, amid lower despatch factor recorded.

On prospects, Malakoff said it is making inroads in the renewable energy space, with 33,243 megawatt hour per annum of capacity across sister companies DRB-Hicom Group, Johor Port Bhd, Northport (M) Bhd and Pos Malaysia Bhd.

This also includes another 2.11 megawatt peak solar capacity with Aeon Co (M) Bhd in its Taman Maluri mall.

Shares of Malakoff rose 0.5 sen to 83 sen, valuing the power utility group at RM4.15 billion.


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