TNB’s FY2021 net profit rises to RM3.66 bill

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KUALA LUMPUR – Tenaga Nasional Bhd’s (TNB) net profit rose to RM3.66 billion for the financial year ended December 31, 2021 (FY2021) from RM3.59 billion in the previous year despite a 72% larger net loss on impairment of financial instruments of RM940.2 million recognised during the year.

The improved bottom line was supported by a higher operating profit amounting to RM8.08 billion compared with RM7.36 billion in 2020.

Revenue surged to RM52.63 billion against RM43.98 billion previously, mainly attributable to higher total sales of electricity, which increased by 19.3% or RM8.35 billion.

“The higher electricity sales included the Imbalanced Cost Pass-Through, which was in an under-recovery position of RM4.51 billion compared to an over-recovery position of RM3.03 billion in the last corresponding year, mainly due to higher fuel price,” it said in a bourse filing today.

For the fourth quarter of FY2021, the utility giant, however, recorded a lower net profit of RM877.80 million against RM1.21 billion a year earlier, while revenue widened to RM15.74 billion from RM10.32 billion previously.

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