TNB Stays Resilient Throughout Challenging FY2020
Tenaga Nasional Berhad (TNB) closed the challenging 2020 Financial Year on a resilient note, with group profit after tax (PAT) of RM3.6 billion, compared to RM4.45 billion in the previous year. The lower profit was due to impact from the Malaysian Financial Reporting Standards (MFRS) 16 of
RM613.4 million, lower finance income, as well as TNB’s discount of RM250 million offered to customers as part of the PRIHATIN economic stimulus package.
Tenaga Nasional Berhad President and Chief Executive Officer, Datuk Seri Amir Hamzah Azizan said the lower PAT reflects the severe impact of the Covid-19 pandemic and the subsequent phases of the Movement Control Order that stifled economic activity.
“However, the TNB Group has exhibited resilience despite these challenges, thanks to a cohesive and disciplined response to the pandemic by TNB’s 35,000 strong workforce, anchored on our commitment to deliver on our Reimagining TNB (RT) strategic aspiration.”
Group revenue fell 13.7 % year-on-year to RM44 billion from RM50.9 billion mainly due to lower sales of electricity and ICPT adjustment. This ICPT adjustment of RM3 billion was due to lower fuel prices as compared to RM1.9 billion surcharge position in FY2019.
Sales of electricity at Group level declined by 5.1 % Y-o-Y at 117,003.6 GWh from the 123,252.0 GWh in FY’19, mainly due to lower demand in the Industrial and Commercial sectors as a result of the economic slowdown.
EBITDA margin however was sustained at 40.9 % in FY2020, resulting from a 20.6 % drop in operating expenses in the financial year 2020 as the Group adapted to curtailed operations due to the restriction of movement during the COVID-19 pandemic.
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