Tenaga Nasional (5347) Q2 2024 earnings summary

Executive summary

• Revenue for Q2 2024 rose 7.9% year-over-year to RM14,366.8 million, driven by 6.8% higher electricity sales and 8.4% demand growth, especially in commercial and domestic sectors.

• Operating profit increased 19.9% year-over-year to RM2,241.2 million for the quarter, with profit after tax surging 458% to RM1,512.4 million, aided by lower negative fuel margin and favorable forex.

• Cumulative profit after tax for the first half reached RM2,190.3 million, up 82.3% from the prior year, reflecting improved operational performance and lower finance costs.

• Total comprehensive income for H1 2024 was RM2,041.4 million, with RM2,070.6 million attributable to owners.

Financial highlights

• Q2 2024 revenue: RM14,366.8 million (Q2 2023: RM13,323.2 million); H1 2024: RM28,007.2 million (H1 2023: RM25,948.8 million).

• Q2 2024 operating profit: RM2,241.2 million (Q2 2023: RM1,868.7 million); H1 2024: RM4,266.0 million (H1 2023: RM3,950.8 million).

• Q2 2024 net profit: RM1,512.4 million (Q2 2023: RM270.9 million); H1 2024: RM2,190.3 million (H1 2023: RM1,201.8 million).

• Basic EPS for Q2 2024: 24.95 sen (Q2 2023: 5.70 sen); H1 2024: 37.32 sen (H1 2023: 23.11 sen).

• Interim dividend of 25.00 sen per share declared, totaling RM1,453.2 million.

Outlook and guidance

• Anticipates stable performance for 2024, supported by projected Malaysian GDP growth of 4–5% and firm domestic demand.

• Will remain cautious on market volatilities and continue prudent measures to ensure resilience.

• Committed to supporting the National Energy Transition Roadmap and pursuing business growth.