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In a filing to Bursa Malaysia today, Malakoff said this was driven by a one-off gain from the disposal of its investment in Malakoff Australia Pty Ltd which was completed on December 18, 2019.
In a filing to Bursa Malaysia today, Malakoff said this was driven by a one-off gain from the disposal of its investment in Malakoff Australia Pty Ltd which was completed on December 18, 2019.

KUALA LUMPUR: Malakoff Corporation Bhd’s net profit increased 24.5 per cent to RM106.4 million in the fourth quarter (Q4) ended December 31, 2019 from RM85.48 million a year ago.

In a filing to Bursa Malaysia today, Malakoff said this was driven by a one-off gain from the disposal of its investment in Malakoff Australia Pty Ltd which was completed on December 18, 2019.

Its revenue in the same quarter eased 7.7 per cent to RM1.74 billion from RM1.89 billion, primarily due to lower energy payment recorded from Tanjung Bin Power Sdn Bhd (TBP) given the decline in applicable coal price (ACP).

For full financial year 2019, Malakoff’s net profit was 16.7 per cent higher to RM320.15 million from RM274.43 million, while revenue increased marginally to RM7.42 billion from RM7.35 billion.

Malakoff proposed a final dividend of 4.11 sen per share in respect of the year ended December 31, 2019, subject to shareholders’ approval.

Malakoff said the Malaysian electricity supply industry would continue to evolve with emphasis on industry liberalisation, renewable energy (RE) and energy efficiency initiatives.

In this context, the group will continue to expand its footprint in the RE sector in line with the government’s target to increase the RE generation capacity to 20 per cent by 2025.

In December 2019, the group won the bids for its small hydro power projects with a total capacity of 55 megawatts in Pahang through a competitive Feed-in Tariff (FiT) e-bidding by the Sustainable Energy Development Authority.

Malakoff said it would continue to drive operational excellence in all its power plants to enhance their reliability and efficiency.

“Our Tanjung Bin Energy coal power plant had successfully achieved unscheduled outage rate below the 6.0 per cent threshold as at December 31, 2019 post completion of major maintenance and rectification works during the year,” it said.

Malakoff completed two major corporate exercises in December 2019, namely the acquisition of Alam Flora Sdn Bhd and the disposal of the Macarthur Wind Farm.

“The completion of these exercises had contributed positively to the group’s performance.

“Based on the foregoing, the group expects overall performance to remain satisfactory for the financial year ending December 31, 2020,” it said.

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