KUALA LUMPUR, Aug 30 — Tenaga Nasional Bhd (TNB) posted a higher net profit of RM872.20 million in the second quarter ended June 30, 2022 (Q2FY2022) from RM821.50 million in the same period last year on higher operating profit, which was supported by lower net loss on financial instruments.
However, the Q2 net profit was offset by a significant increment in foreign currency translation loss and higher tax expenses, the national electric company told the stock exchange.
Revenue surged to RM19.14 billion from RM12.44 billion previously, mainly due to the higher “under-recovery position” of the Imbalance Cost Pass-Through (ICPT) of RM6.30 billion against RM314.6 million in the same period last year.
It approved an interim single tier dividend of 20 sen per share for the financial year ending Dec 31, 2022 (FY2022), amounting to RM1.15 billion.”The books closure and payment dates will be announced in due course,” it said.
For the cumulative six-month period (H1), TNB’s net profit slid to RM1.77 billion from RM1.78 billion previously, mainly attributable to the higher tax expenses, which included an additional RM257.3 million Cukai Makmur (prosperity tax) for the financial year ending Dec 31, 2022 (FY2022).
Revenue for H1 increased to RM34.80 billion versus RM23.92 billion previously.
Moving forward, TNB said although a resilient performance was reported in H1 2022, supported by higher electricity growth of 5 per cent year-on-year, the group continues to face challenges and remains susceptible to high fuel prices, which have resulted in high receivable balances.
“The group foresees a reasonable performance for 2022 while remaining cautious on the prolonged impact of high fuel price and customers’ credit risk outlook,” it added. “The group will continue taking prudent measures in terms of its operational and financial requirements to ensure it remains resilient.” — Bernama
