KUALA LUMPUR: Tenaga Nasional Bhd's (TNB) net profit surged to RM1.44 billion for the second quarter ended June 30, 2024 (Q2 2024) versus RM327.9 million in Q2 2023.
This was due to higher operating profit coupled with favourable foreign exchange translation.
TNB's revenue for the quarter rose to RM14.36 billion from RM13.32 billion in the same period last year.
This was due to higher sales of electricity by 5.7 per cent or RM745.8 million.
For the first half ended June 30, 2024 (1H24), the company's net profit rose 62.4 per cent to RM2.16 billion from RM1.33 billion a year ago.
Its revenue rose to RM28 billion from RM25.95 billion last year buoyed by electricity sales which rose 6.8 per cent or RM1.72 billion.
Operating profit rose by 8.0 per cent to RM4.26 billion from RM3.95 billion in the same period last year.
With the Malaysian economy projected to grow between 4.0 per cent to 5.0 per cent from firm domestic demand, the group anticipates a stable performance for this year.
"The group is committed to play an integral role in supporting the National Energy Transition Roadmap while pursuing business growth," said TNB in a filing with Bursa Malaysia.