TNB Resilient Through Challenging 9MFY2020 with RM2.41 Billion PAT

26/11/2020

Tenaga Nasional Berhad‘s (TNB) group profit after tax (PAT) eased 37.5 percent to RM2.41 billion in the nine months of the financial year 2020 (9MFY2020) from RM3.86 billion in the same period of 2019. 

The lower profit was due to COVID-19-related business closures that led to lower sales, and the impact from the Malaysian Financial Reporting Standards (MFRS) 16 of RM595.1 million as well as unrealised forex losses of RM174.3 million.

The economic slowdown due to the physical closure of business premises, particularly the industrial and commercial sectors during the movement control order (MCO) caused electricity sales to decline to 82,283.6 GWh in 9MFY2020 compared with 87,751.5 GWh in the corresponding period of last year.

Group revenue decreased 13.2 percent year-on-year to RM33.65 billion from RM38.76 billion mainly due to the lower contribution from subsidiaries and over-recovery of the Imbalance Cost Pass Through (ICPT) of RM1.48 billion as against RM2 billion under-recovery position in the previous year’s corresponding period.

EBITDA margin however was sustained at 40.9 percent in 9MFY2020 due to an 18 percent decrease in operating expenses in the nine months of the financial year 2020 as the Group adapts to the prevailing operational requirement including restriction of movement during the COVID-19 pandemic.

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