Tenaga Nasional (5347) Q4 2024 earnings summary

Executive summary

• Revenue grew 6.9% year-over-year to RM56,737.1 million, driven by a 5.5% increase in electricity sales and 6.5% demand growth, mainly from commercial and domestic sectors.

• Operating profit rose 18.5% to RM8,720.1 million, aided by improved doubtful debt allowances and lower negative fuel margin.

• Profit after tax surged 81.7% to RM4,729.6 million, supported by foreign exchange gains, higher sales, and operational improvements.

• Final dividend of 26.0 sen per share approved, totaling RM1,511.4 million; total 2024 dividend declared at RM2,964.6 million or 51 sen per share.

Financial highlights

• Q4 2024 revenue was RM14,378.3 million, up from RM13,652.0 million in Q4 2023; operating profit for the quarter more than doubled to RM2,841.7 million.

• Net profit attributable to owners for 2024 was RM4,698.6 million, up from RM2,770.3 million in 2023.

• Basic EPS for 2024 was 81.00 sen, compared to 48.00 sen in 2023.

• Cash generated from operations reached RM22,447.4 million; cash and cash equivalents at year-end stood at RM15,368.8 million.

• Total borrowings decreased to RM57,406.6 million from RM61,770.2 million a year earlier.

Outlook and guidance

• Anticipates stable performance in 2025, supported by the Incentive Based Regulation Regulatory Period 4 and projected Malaysian GDP growth of 4.5% to 5.5%.

• Focus remains on prudent operational and financial strategies, advancing the National Energy Transition Roadmap, and delivering long-term stakeholder value.