KUALA LUMPUR: Tenaga Nasional Bhd's (TNB) net profit fell 19.9 per cent to RM2.77 billion for the full year ended December 31, 2023 (FY23) from RM3.46 billion a year ago due to negative fuel margins and an impairment on intangible asset.
However, in its filing with Bursa Malaysia today, TNB said its revenue rose 4.3 per cent to RM53.01 billion in FY23 from RM50.87 billion last year.
"The revenue for the year increased mainly due to the higher sales of electricity of RM2,010.9 million, up by 4.0 per cent against the corresponding year with demand growth of 3.9 per cent," it said.
For the fourth quarter (Q4) ended Dec 31, 2023, TNB registered lower net profit of RM583.9 million from RM809.1 million last year due to unfavourable foreign exchange translation.
Its revenue rose 5.7 per cent to RM13.65 billion compared to RM12.92 billion in the same period last year, resulted from higher sales of electricity by 5.3 per cent or RM672.6 million.
On its prospects for FY24, TNB said stabilising coal prices globally, coupled with stronger collection rate has improved the receivables and working capital position.
Going forward, with the Malaysian economy expected to grow at 4 per cent to 5 per cent, the group anticipates a reasonable performance for the year 2024 and will continue to remain cautious on the challenges ahead.
"As the group strives for business growth, it will continue to take prudent measures in terms of its operational and financial requirements to ensure it remains resilient. "The group is committed to play an integral role to support the National Energy Transition Roadmap," it added.Ends