KUALA LUMPUR: Tenaga Nasional Bhd
’s(TNB) net profit tumbled 28.6% in the first quarter ended March 31 (1Q24) to RM715.7mil compared with RM1bil achieved last year.
The utility giant said the decrease was primarily due to foreign exchange translation loss and tax expenses recognised in the current quarter.
However, these were partially offset by net finance income and cost.
Its revenue in 1Q24 climbed 8% to RM13.64bil against RM12.6bil a year ago mainly due to an increase in electricity sales, which rose by 11.0% or RM1.34bil.
TNB said the demand growth increased by 9.9% mainly driven by commercial and domestic sectors.
Meanwhile, imbalance cost pass-through’s (ICPT) under the recovery position decreased to RM2.35bil from RM3.6bil due to lower generation costs during the quarter.
Despite the group’s positive revenue growth and lower generation costs, there was a slight decrease in operating profit, by 2.8% to RM2.02bil from RM2.08bil in the previous corresponding period.
TNB foresees a stable performance in 2024 and will remain cautious on the challenges ahead while taking prudent measures to ensure resilience.
“The group is committed to play an integral role in supporting the National Energy Transition Roadmap while pursuing business growth,” it said.
