KUALA LUMPUR, Aug 20 — Malakoff Corp Bhd’s net profit for the second quarter ended June 30, 2021 (2QFY21) increased to RM117.73 million from RM104.96 million in the same quarter last year.
Revenue rose slightly to RM1.58 billion from RM1.51 billion year-on-year, while basic earnings per share rose to 2.41 sen from 2.15 sen, the power producer said in a filing with Bursa Malaysia today.
The group said the improved performance was attributed to higher contributions from the Tanjung Bin Power Sdn Bhd coal plant on the back of higher applicable coal price, as well as higher contributions from Alam Flora Sdn Bhd and foreign investments in associates.
“However, the increase was partially offset by lower contributions from Tanjung Bin Energy Sdn Bhd coal plant given the absence of a settlement agreement with Alstom Power Systems and GE Power Services (Malaysia) Sdn Bhd for the losses and damages incurred in relation to the failure of events occurred between April 2017 and June 2019,” it said.
The group recommended payment of an interim dividend of 3.10 sen per ordinary share in respect of the financial year ending December 31, 2021, which will be paid on October 20, 2021.
Moving forward, Malakoff said the group would continue to focus on enhancing the operational efficiency of its power plants and waste management business while implementing cost-saving measures during this challenging period.
It said Malakoff has made significant inroads in renewable energy expansion, particularly in the rooftop solar segment, in which the group has signed solar power purchase agreements with Aeon Co (M) Bhd and DRB-HICOM.
“These projects, together with the secured rooftop solar projects with renowned logistics industry players such as Johor Port Bhd, Northport (Malaysia) Bhd and Pos Malaysia Bhd, are expected to generate 33,243 MWh per annum and neutralise 23,070 tonnes of carbon emissions per year,” it said.
Malakoff expects overall performance to remain satisfactory for the financial year ending December 31, 2021. — Bernama
