TNB sees double-digit profit drop to RM9b in Q1

This was due to the exponential increase in fuel prices.

Tenaga Nasional Berhad (TNB) reported its profit after tax declined by 10.5% to RM9b in the first quarter of the year due to the exponential increase in fuel prices. 

During the same period, TNB saw its revenue increase by 36.4% to RM15.7b as Malaysia’s electricity demand grows by 4%.

The Group noted that the power generation costs, including fuel costs, constitute over 65% of the base tariff. The rising price of fossil fuels, especially coal, has increased the country’s power generation costs. 

“Our continuing investments will ensure that our existing infrastructure will operate efficiently while we embark on our Sustainability Pathway with an aspiration to achieve net-zero emissions by 2050. The coming years will see TNB focused on supporting the Government of Malaysia in rebuilding our nation’s economy,” TNB President and CEO Datuk Ir. Baharin Din said.

In light of the continuing fuel price hike, Baharin said TNB is working closely with the government to ensure the welfare of the needy is protected whilst also safeguarding the continuation of the Incentive-based Regulation framework.