KUALA LUMPUR: Tenaga Nasional Bhd (TNB) has recorded a net profit of RM2.12 billion on the back of RM12.27 billion revenue for the first quarter (Q1) ended March 31, 2018.
In a statement, the power utility company said 45.9 per cent of the net profit was attributed to the national utility company's regulated business.
Operating expense (opex) during the quarter stood at RM8.23 billion.
TNB president and chief executive officer Datuk Seri Ir Azman Mohd said the group has been given the responsibility of providing secure and reliable electricity to the nation at the same time ensuring electricity remains affordable for the rakyat.
He said this is evident as the electricity tariff rate of 21.8 sen per kilowatt hour (kWh) (0 – 200 kWh) and 33.4 sen per kWh (201 – 300 kWh), have remained constant since 1997 and 2009, respectively.
"Around 64 per cent of our domestic customers are currently enjoying these low tariff rates, by consuming less than 300kWh or equivalent to RM77 of electricity per month,” he said.
Azman said the implementation of Incentive Based Regulation (IBR) since 2014 has ensured transparency in terms of tariff setting and the input costs that are associated with the generation of electricity.
“The framework also promotes efficiency gains and financial sustainability of the industry which is essential in ensuring the reliability and security of electricity supply to the nation,” he said.
TNB chairman Tan Sri Leo Moggie said good governance has been the foundation and forms part of TNB’s commitment to operate in an ethical, transparent and responsible manner, for the customers and communities that it serves.
“We will continuously ensure that TNB uphold the highest standard of corporate governance,” he said.
On its prospects, TNB said it expects the result for the rest of financial year 2018 to remain stable, to be supported by steady demand for electricity.
This will be driven mainly by positive projection by the central bank on the national’s economy for the rest of the year.