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TNB’s 1QFY21: Resilient Performance Despite Prolonged Impact of COVID-19

27/05/2021

Tenaga Nasional Berhad (TNB) continued to perform resiliently in the First Quarter Financial Year 2021 (1QFY2021) despite the prolonged challenges caused by the COVID-19 pandemic. The Group profit after tax (PAT) increased to RM973.5 million compared to RM736.7 million in the previous year.

The higher profit was due to market movement, mostly forex as the group reported lower forex translation loss of RM56.8 million (RM388.0 million previously). 

Group revenue fell 1.5% year-on-year to RM11,478 million from RM11,654.5 million mainly due to lower sales of electricity. Sales of electricity continued to decline albeit at a lower contraction of 0.2% Y-o-Y at 29,316.6 GWh from the 29,374.9 GWh in 1QFY2020. This was supported by the  Government’s policy in allowing economic activities to continue operating.

“With economic activities still allowed to operate, contraction in electricity demand had narrowed further from 12.9% in FY2020 to 0.3% in the first quarter ended March 31, 2021,” said TNB President and Chief Executive Officer (CEO) Datuk Baharin Din.

“EBITDA margin however increased to 43.3 % in 1QFY2021 due to a 6.5 % drop in operating expenses in the 1QFY2021 mainly on lower generation costs resulted from reduction in demand and lower gas price. Higher EBITDA was also supported by our generation business which recorded better hydro performance due to the monsoon season in this quarter.” 

The collection improved from June 2020 to March 2021 with collection efficiency rate increasing from 91% to 97% due to the ongoing campaign to encourage and facilitate payments by promoting payment channels including through the myTNB app, he added.



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