KUALA LUMPUR — Feb. 28, 2019: Tenaga Nasional posted a net profit of RM3.72 billion on the back of revenue of RM50.39 billion for the financial year ended last December 31 but due to a change in the ending of its financial year from August 31, last year’s performance cannot be compared with any previous corresponding period.
For the previous four-month period to December 31, 2017, the utility firm showed net profit of RM2.62 billion and revenue of RM15.69 million, it informed Bursa Malaysia today.
In a statement, TNB president and chief executive officer Datuk Seri Azman Mohd. said stable returns, ensured by the incentive-based regulation, enabled the company to reinvest heavily into ensuring the reliability and sustainability of the national grid while enabling increasing investments in renewable energy.
“We intend to forge ahead with our strategic plan that is aligned towards creating value for customers while supporting the government’s push towards Malaysia Energy Supply Industry 2.0,” he said.
TNB spent RM11.82 billion in capital expenditure last year for maintaining, improving and modernising power infrastructure to keep pace with the growing electricity demand, as well as to accommodate the growth of renewable energy. — Bernama