Friday 29 Mar 2024
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KUALA LUMPUR (Feb 19): Malakoff Corp Bhd's net profit for the fourth quarter ended Dec 31, 2019 rose 24.5% to RM106.41 million from RM85.48 million a year earlier, driven by a one-off gain from the disposal of the group’s investment in Malakoff Australia Pty Ltd which was completed on Dec 18, 2019.

In a bourse filing today, Malakoff said revenue for the quarter dipped 7.7% to RM1.74 billion from RM1.89 billion a year earlier, mainly due to lower energy payment recorded from Tanjung Bin Power Sdn Bhd.

Earnings per share was 2.18 sen versus 1.75 sen.

Malakoff proposed a final dividend of 4.11 sen per share in respect of the financial year ended Dec 31, 2019 (FY19), subject to shareholders’ approval.

For FY19, Malakoff’s net profit rose 16.6% to RM320.15 million from RM274.43 million in the year-ago period, while revenue rose to RM7.42 billion from RM7.35 billion previously.

On its prospects, Malakoff said the Malaysian Electricity Supply Industry (MESI) will continue to evolve, with emphasis on industry liberalization, renewable energy (RE) and energy efficiency initiatives.

“In this context, the group will continue to expand its footprint in the RE sector in line with the government’s target to increase the RE generation capacity to 20% by 2025.

“In December 2019, the group won the bids for its small hydro power projects with a total capacity of 55MW in Pahang through a competitive Feed-in Tariff (FiT) e-bidding by the Sustainable Energy Development Authority,” it said.

Malakoff said it will continue to drive operational excellence in all its power plants to enhance their reliability and efficiency.

“Our Tanjung Bin Energy coal power plant had successfully achieved Unscheduled Outage Rate (UOR) below the 6% threshold as at Dec 31, 2019 post completion of major maintenance and rectification works during the year.

“The group also completed two major corporate exercises in December 2019, namely the acquisition of Alam Flora Sdn Bhd and the disposal of the Macarthur Wind Farm. The completion of these exercises had contributed positively to the group’s performance.

“Based on the foregoing, the group expects overall performance to remain satisfactory for the financial year ending Dec 31, 2020,” it said.

At the midday break, Malakoff shares were 0.57% or 0.5 sen higher at 88 sen, for a market capitalisation of RM4.4 billion.

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