For the quarter ended 31 December 2023, Malakoff recorded RM2,262.4 million in revenue, a decrease of RM710.3 million or 23.9% from RM2,972.7 million reported in the corresponding quarter ended 31 December 2022, primarily due to lower energy payment recorded from Tanjung Bin Power Sdn. Bhd. impacted by the decline in applicable coal price and
absence of revenue contribution from GB3 Sdn. Bhd. following the expiry of the Power Purchase Agreement on 30 December 2022.
The Group recorded loss before taxation of RM309.8 million, a significant reduction of RM471.1 million from profit before taxation of RM161.3 million reported in the corresponding quarter ended 31 December 2022, primarily due to the recognition of share of loss from Al-Hidd IWPP, a 40% foreign associate in Bahrain and further impairment loss on the Group’s carrying value of investment in Al-Hidd IWPP.
For the year ended 31 December 2023, the Group recorded RM9,067.0 million in revenue, a decrease of RM1,288.2 million or 12.4% from RM10,355.2 million reported in the corresponding year ended 31 December 2022, primarily due to lower energy payment recorded from TBP coal plant impacted by the decline in ACP and absence of revenue contribution from GB3 following the expiry of the PPA. However, these were partially moderated by higher energy payment and capacity income recorded from TBE given the higher despatch factor and shorter duration of plant outage.
The group recorded loss before taxation of RM954.9 million, a significant reduction of RM1,691.7 million from profit before taxation of RM736.8 million reported in the corresponding year ended 31 December 2022, which it said was primarily due to the substantial negative fuel margin recorded for the first nine months of 2023 at TBP and TBE coal plants, lower contribution from GB3 gas plant following the expiry of PPA, recognition of share of loss from Al-Hidd IWPP, a 40% foreign associate in Bahrain and further impairment loss on the Group’s carrying value of investment in Al-Hidd IWPP.
As for outlook, the group expects overall performance to be satisfactory for the financial year ending 31 December 2024 in view of the gradual stability in global coal prices observed since the second half of 2023.
