TNB’s 1QFY22: Group’s PAT Down Double Digit by 10.5%

01/06/2022

Tenaga Nasional Berhad (TNB)'s profit after tax (PAT) for the First Quarter of Financial Year 2022 (1QFY2022) fell 10.5% to RM0.9 billion despite Group revenue increasing by 36.4% to RM15.7 billion on the back of a 4.0% increase in electricity demand in Peninsular Malaysia.

The higher sales of electricity reflects Malaysia's transition to the endemic phase and is in line with the growth in Malaysia's economy of 5.0% for the first quarter of 2022. This is mainly driven by higher consumption recorded for commercial and domestic customers as businesses were allowed to operate with less restriction.

Earnings before interest, tax, depreciation and amortisation (EBITDA) were reported at RM5.1billion while the EBITDA margin was 32.8%, contributed by higher operating expenses which grew by 64.1% mainly from the exponential increase in fuel prices.

The power generation costs, including fuel costs, constitute over 65 percent of the base tariff. The rising price of fossil fuels, especially coal, has increased the country’s power generation costs. 

TNB President and Chief Executive Officer (CEO) Datuk Ir. Baharin Din said, during these difficult times the utility company has continued to deliver its role as the nation's electricity provider and ensured access to reliable and affordable power, keeping the lights on for all Malaysians.

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