Tenaga’s 4Q net profit surges 46% to RM1.36 bil

-A +A

KUALA LUMPUR (Oct 30): Tenaga Nasional Bhd achieved 46% jump on its net profit to RM1.36 billion, or 24.03 sen per share, for the fourth quarter ended Aug 31, 2014 (4QFY14).

Revenue for the quarter rose 23% to RM11.72 billion from RM9.5 billion in 4QFY4. The utility group declared a final single-tier dividend of 19 sen per share for the quarter, bringing total dividend declared year-to-date to 29 sen per share.

The sharp rise on Tenaga’s net profit was fuelled by low average coal prices, which dropped to US$75.4 per tonne during the quarter from US$83.6 per tonne in 4QFY13.

In addition, the sales of electricity increased by 12.3%.

For the full year to Aug 31, 2014 (FY14), Tenaga saw its net profit jumped to a historical high of RM6.47 billion or RM1.15 sen per share, a 21% increase from RM5.36 billion or 96.13 sen per share in the last financial year.

Revenue grew 15% to RM42.79 billion from RM37.13 billion.

On its outlook, Tenaga’s president and chief executive officer Datuk Seri Azman Mohd said that the growth in electricity demand was expected to be “stable”, in line with the country’s projected economic growth that will be between 5% and 6%.

Shares in TNB has been climbing steadily from RM9.89 on Dec 2 last year.The stock closed at record high of RM13.36 today, giving it a market capitalisation of RM75.40 billion.