Tenaga Nasional (5347) Q3 2024 earnings summary

Executive summary

• PAT for the first nine months of 2024 reached RM3,821.8 million, up 83.8% year-over-year, reflecting strong operational momentum, foreign exchange gains, and successful growth initiatives.

• Revenue for the nine months was RM42,358.8 million, up 7.5% year-over-year, driven by robust economic activity and electricity demand.

• Electricity demand grew 7.6% year-over-year, outpacing GDP growth of 5.3% for the same period.

• Focused on energy transition, expanding renewable energy capacity, and reducing coal dependency.

• Advanced regional integration via ASEAN Power Grid and new cross-border electricity sales.

Financial highlights

• PAT for nine months: RM3,821.8 million, up 83.8% year-over-year.

• Revenue for nine months: RM42,358.8 million, up from RM39 billion year-over-year.

• EBITDA grew 0.4% year-over-year to RM14,398.9 million, with a margin of 36.2%.

• Group unit growth: 7.6%; Tenaga unit growth: 7.3%.

• Lower finance costs due to loan repayments and improved collections.

Outlook and guidance

• Projected electricity demand growth for 2024 is 5.8%-6.3%, expected to surpass GDP growth.

• Group CapEx for 2024 expected at RM11 billion, with RM7.1 billion for regulated business.

• Regulatory Period 4 (RP4) proposal in advanced assessment, with official announcement expected by year-end.

• Continued focus on sustainable growth, prudent business strategies, and shareholder value.

• GDP forecast revised to 4.8%-5.3% for 2024.