Tenaga Nasional reported its unaudited 2022 full-year performance with revenue for the year increasing 5.7% or RM2,747.8 million to RM50,867.7 million, mainly due to the higher sales of electricity of RM2,653.8 million, up by 5.6% against the
corresponding year; with demand growth of 5.2%.
The utility giant attributed the increase to being largely contributed by customers from the commercial and industrial sectors. ICPT was in a higher under-recovery position of RM22,315.3 million as compared to RM4,509.6 million in the last corresponding year mainly due to the higher fuel price.
Operating expenses increased to RM64,612.1 million from RM44,524.4 million, up 45.1% mainly due to higher generation costs. Net loss on impairment of financial instruments decreased by RM838.8 mil or 89.2% as the collection trend improved in the current year. Which resulted in a higher operating profit of RM9,409.5 million, an increase of RM1,326.5 million or 16.4% from the last corresponding year. However, TNB said despite the higher operating profit, profit after taxation for the year under review decreased by 8.0% or RM307.3 million, from RM3,864.7 million reported in the corresponding year to RM3,557.4 million mainly contributed by the higher finance cost and tax expenses which includes the additional tax on Cukai Makmur for FY2022 amounting to RM340.8 million.
Revenue for the last quarter was up by 3.1% or RM388.8 million quarter on quarter, mainly due to the higher sales of electricity. Operating expenses increased by 24.9% or RM3,604.4 million mainly due to higher generation costs offset by an increase in ICPT under-recovery of RM3,188.9 million. The resultant operating profit decreased from RM1,573.0 million to RM1,500.0 million, lower by RM73.0 million.
Profit after taxation for the current quarter under review decreased by RM184.6 million, from RM992.5 million reported during the corresponding quarter to RM807.9 million. This was due to the higher finance cost and tax expenses offset by the higher foreign currency translation gain in the current quarter
The Group reported a lower profit after taxation of RM807.9 million in the current quarter as compared to RM972.7 million in the preceding quarter, a reduction of RM164.8 million. This was mainly due to higher operating expenses recognised in the current quarter under review.
The Group foresees a reasonable performance for the year 2023 and will continue to remain cautious about the challenges ahead including high fuel prices and inflation. As the Group pursues its growth strategy, it will continue to take prudent measures in terms of its operational and financial requirements to ensure it remains resilient.
