KUALA LUMPUR: Owing to forex translation losses of RM145.8 million, Tenaga Nasional Bhd (TNB) saw a net loss of RM134.30 million on revenue of RM12.55 billion for the fourth quarter ended Dec 31, 2018.
Due to the change in the financial year, the performance of the current year is not comparable against any period previously reported.
For the full year, its net profit jumped 42% to RM3.72 billion from RM2.62 billion a year ago, while the group’s revenue tripled to RM50.39 billion in FY18, compared with RM15.69 billion in FY17, on the back of higher sales of electricity.
TNB approved a 56% dividend payout ratio from the group’s adjusted profit after tax and minority interest of RM5.42 billion. This translates to a total of 53.27 sen per share for FY18, of which 23.0 sen per share will be distributed as the final single tier dividend.
TNB president and CEO Datuk Seri Azman Mohd said the stable returns ensured by Incentive Based Regulation has enabled it 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 MESI 2.0. This plan will enhance TNB’s business strategy of Reimagining TNB, started in 2015, towards sustainable development across the value chain, from generation to transmission and distribution as well as customer service.”
A total of RM11.82 billion capital expenditure was incurred in FY18 for maintaining, improving and modernising the power infrastructure to keep pace with the growing electricity demand as well to accommodate the growth of renewable energy in the country.
The company is embarking on a “grid of the future” project where eventually its grid network will be transformed into a smart, automated and digitally enabled grid. The upgrading of the National Grid into a new super highway will help TNB meet current and future electricity needs, especially at high load areas.
As TNB accelerates its drive towards sustainability, the company and its subsidiaries have started with clean power generation and offering green solutions such as smart home technology, energy efficiency and energy solutions.
TNB has increased its renewable energy (RE) generation capacity to 73.2MW through a 50MW Large Scale Solar project in Sepang, in addition to a few joint ventures in biomass and biogas power stations. TNB’s most recent venture is through its RE subsidiary, GSPARX, where the company offers self-generation finan-cing packages for solar photovoltaic panels for commercial, industrial and residential customers.
TNB expects electricity demand growth and the group’s performance to remain stable for FY19.
Source: The Sun Daily