KUALA LUMPUR, Aug 23 — Malakoff Corporation Bhd’s net profit increased a marginal 1.21 per cent to RM119.15 million in the second quarter ended June 30, 2022 (Q2 FY2022) from RM117.73 million last year.
The higher profit was primarily due to higher contribution from Tanjung Bin Power Sdn Bhd (TBP) given the higher applicable coal price and lower net finance costs, Malakoff said in a filing with Bursa Malaysia today.
Revenue jumped 46.3 per cent to RM2.32 billion from RM1.58 billion previously, due to higher energy payments recorded from TBP and Tanjung Bin Energy Sdn Bhd on the back of the higher applicable coal price, it said.
For the six-month cumulative period ended June 30, 2022, the group had a net profit of RM170.03 million against RM178.18 million a year ago, with revenue at RM4.20 billion against RM2.94 billion last year, the filing said.
On its current prospects, as part of the group’s commitment to achieve net zero carbon emissions by 2050, it has made progress in its decarbonisation initiatives across its operations, following a memorandum of understanding (MoU) signed with ITOCHU Corporation.
The MoU was to conduct a feasibility study involving the development of an ammonia-receiving terminal and the decarbonisation of coal-fired power plants and the development of a new combined cycle gas turbine power plant using high hydrogen content fuel.
Still on the company’s prospects, the filing also said in the environmental solutions segment, Alam Flora Environmental Solutions Sdn Bhd, a subsidiary of Alam Flora Sdn Bhd, signed an MoU with Petronas Chemicals Group Bhd (PCG) to supply plastic waste to PCG as a circular economy initiative involving reusing and recycling. The initiative also involves supplying organic and food waste for research and development into fertilisers.
“The group expects overall performance to remain satisfactory for the financial year ending Dec 31, 2022,” the company said. — Bernama
