KUALA LUMPUR; Malakoff Corp Bhd’s net profit increased to RM320.15 mil in the financial year ended Dec 31, 2019 (FY19) from RM274.43 mil in the same period a year earlier.
Revenue rose slightly to RM7.42 bil from RM7.35 mil year-on-year, while earnings per share rose to 6.55 sen from 5.56 sen, it said in a filing with Bursa Malaysia today.
The group said the higher revenue was mainly due to higher energy payment from Segari Energy Ventures Sdn Bhd, higher capacity income from Tanjung Bin Energy Sdn Bhd, given the shorter duration of plant forced outage and one-month revenue contribution from Alam Flora Sdn Bhd.
“However, these were partially offset by lower energy payment from Tanjung Bin Power Sdn Bhd coal plant, impacted by the decline in applicable coal price during the fourth quarter of 2019 and expiry of Port Dickson Power plant’s three-year power purchase agreement extension on Feb 28, 2019,” it said.
Moving forward, Malakoff said it would continue to drive operational excellence in all its power plants to enhance their reliability and efficiency.
“Our Tanjung Bin Energy coal power plant had successfully achieved the Unscheduled Outage Rate below the 6.0% threshold as at Dec 31, 2019 post completion of major maintenance and rectification works during the year,” it said.
The group also completed two major corporate exercises in December 2019, namely the acquisition of Alam Flora and disposal of the Macarthur Wind Farm.
“The completion of these exercises had contributed positively to the group’s performance. Hence, the group expects overall performance to remain satisfactory for the financial year ending Dec 31, 2020,” it added. – Feb 19, 2020, Bernama
