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Tenaga Nasional's net profit eased 0.6pc to RM1.003bil in Q3 back of improved economic activities

TNB president and chief executive officer Datuk Ir Baharin Din said the group recorded another period of resilient performance, mainly on improved economic activities.

KUALA LUMPUR: Tenaga Nasional Bhd's (TNB) net profit eased 0.6 per cent to RM1.003 billion in the third quarter (Q3) ended September 30, 2021, from RM1.009 billion recorded in the same quarter a year ago.

Revenue in the same quarter increased 16.8 per cent to RM12.98 billion from RM11.11 billion.

TNB president and chief executive officer Datuk Ir Baharin Din said the group recorded another period of resilient performance, mainly on improved economic activities.

He said however, TNB saw a contraction of 6.7 per cent of its Q3 electricity sales compared with the previous quarter, an effect of the shifting dynamics caused by the ongoing pandemic.

"We continue to brace ourselves for prevailing uncertainties ahead. Nevertheless, we see potential room for growth.

"As the custodian of the nation's critical power infrastructures, maintaining reasonable returns is critical for TNB to balance value creation for our shareholders and to reinvest into the system to ensure reliable and secure power supply," he said.

On a positive note, he said the increase in demand is expected to improve in the coming months and into next year as more economic activities open for business.

"TNB also continues to work with the government on multiple fronts to support the nation's economic recovery.

"These include multiplier effect initiatives through our ongoing scholarship programmes, vendor development programmes, as well as an intensive re-skilling programme to train and place workers in jobs," he added.

For the nine months, TNB's net profit increased 16.9 per cent to RM2.78 billion from RM2.38 billion, while revenue increased 9.6 per cent to RM36.89 billion from RM33.65 billion.

Moving forward, TNB believes that the improvement in the overall economy will result in higher electricity demand and support the positive momentum seen across the group's operation.

"Amid the encouraging developments, the group foresees a stable performance for the remaining quarter of the financial year.

"Nonetheless, the group will continue to take prudent measures in terms of its operational and financial requirements to ensure it remains resilient," it added.

https://www.nst.com.my/business/2021/11/748770/tenaga-nasionals-net-profit-eased-06pc-rm1003bil-q3-back-improved-economic

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