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TNB Recorded Lower Profit in 2018

28/02/2019

Tenaga Nasional Berhad (TNB) today announced its financial results for Financial Year Ended 31st December 2018 (FY2018).

The Group recorded higher revenue at RM50.39 billion in FY2018, on the back of higher sales of electricity.

Group Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) however was recorded lower at RM13.37 billion due to the lower allowable return of 7.3% under Incentive Based Regulation (IBR) RP2 (2018 – 2020) compared to 7.5% in RP1 (2014-2017). Under RP2, the regulator introduced a revenue cap for the Distribution Network business and TNB has returned RM639 million back to the consumers for 2018. One-off cost of impairments to the Group’s investments, in addition to substantial foreign exchange (FOREX) translation losses of RM0.39 billion due to the weakening of Ringgit, contributed to higher operating expenses, resulting in a lower Group Profit After Tax (PAT) of RM3.75 billion.



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