KUALA LUMPUR (May 25): Tenaga Nasional Bhd (TNB) has posted a net profit of RM2.12 billion in the first quarter ended March 31, 2018 (1QFY18), on revenue of RM12.27 billion, thanks to stable electricity demand in line with expected favourable economic growth in 2018.

"Due to the change in the financial year, the performance of the current quarter is not comparable against any comparative period previously reported," TNB said in a filing with Bursa Malaysia today.

On Nov 30, 2016, TNB said its board of directors have approved the change of financial year end from end-August to end-December.

TNB did not declare any dividend for the quarter.

Separately, TNB president and chief executive officer Datuk Seri Azman Mohd said the national utilities company has been given the responsibility to provide secure and reliable electricity to the nation, at the same time ensuring electricity remains affordable for the Rakyat.

"This is evident as the electricity tariff rate of 21.8 sen per kilo-Watt-hour (kWh) (0 - 200 kWh) and 33.4 sen per kWh (201 - 300 kWh) have remained constant since 1997 and 2009, respectively, while maintaining world class standard of performance," Azman said in a statement.

According to Azman, around 64% of TNB's domestic customers are currently enjoying the low tariff rates and consumed less than 300kWh, equivalent to RM77, of electricity per month.

"The implementation of Incentive Based Regulation since 2014 has ensured transparency in terms of tariff setting and the input costs that are associated with the generation of electricity. The framework also promotes efficiency gains and financial sustainability of the industry which is essential in ensuring the reliability and security of electricity supply to the nation," Azman added.

Going forward, TNB said the demand for electricity will continue to grow.

As such, TNB said, its board of directors expects the group's results for the financial year 2018 to "remain stable".

A constituent of the FBM KLCI, TNB is among the top 10 largest companies in Malaysia by market capitalisation. As at end-March, TNB is supplying electricity to around 9 million customers.

Shares in TNB, which is controlled by sovereign wealth fund Khazanah Nasional Bhd, gained 28 sen or 1.9% to close at RM15.04 today, for a market capitalisation of RM85.4 billion.