TNB EXPECTS RM7 BLN ICPT RECOVERY IN 1H FY2024

KUALA LUMPUR, Sept 26 (Bernama) -- Tenaga Nasional Bhd (TNB) has estimated a recovery of approximately RM7 billion from its Imbalance Cost Pass-Through (ICPT) receivables, based on current fuel price trends for the first half of the 2024 financial year (1H FY2024), reflecting its proactive stance in managing its financial outlook and controlling fuel-related expenditures.

TNB president and chief executive officer Datuk Baharin Din said that the development significantly enhances TNB’s working capital, boosting its cash flow and improving gearing levels in 2023.

“TNB’s prudent capital management enables the company to reward the shareholders with an interim dividend of 18 sen, which accounts for 49.4 per cent of the adjusted profit after tax after minority interest (Patami),” he said in a statement today.

Baharin also commented on TNB’s 1H FY2023 performance that ended on June 30, 2023.

“Despite challenges stemming from negative fuel margins and foreign exchange volatility, TNB reported a commendable performance in this demanding environment.

“During this period, TNB reported a profit after tax of RM1.2 billion, while revenue saw a 3.8 per cent increase to RM25.95 billion, compared to the corresponding period in 2022,” he added.

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-- BERNAMA