Malakoff : Q2 2024 Press Release

About this update from Malakoff Corporation Bhd

NEWS RELEASE FOR IMMEDIATE PUBLICATION MALAKOFF MAINTAINS STRONG PROFIT TRAJECTORY IN Q2 FY2024 WITH RM93.6 MILLION NET PROFIT Improved Contributions from TBP and TBE Power Plants Amid Stabilisation of Global Coal Prices KUALA LUMPUR, Malaysia - 28 August 2024: Malakoff Corporation Berhad ("Malakoff" or "the Group") recorded a Profit after Tax and Minority Interests ("PATMI") of RM93.6 million the quarter ended 30 June 2024 ("Q2 FY2024"), an increase of 129% from RM318.7 million of Loss after Tax and Minority Interests ("LATMI") reported in the previous corresponding quarter ended 30 June 2023 ("Q2 FY2023"). The surge in profit was primarily attributed to improved contributions from Tanjung Bin Power Plant ("TBP") and Tanjung Bin Energy Sdn Bhd ("TBE"), given the lower weighted average coal costs following stabilisation of global coal prices, higher energy despatch and gain arising from compensation for compulsory land acquisition. The Group posted a revenue of RM2,307.8 million for Q2 FY2024, a slight decrease of 2.4% from RM2,364.9 million reported in Q2 FY2023. The decline was primarily due to lower energy payment recorded from TBP and TBE in line with the decline in Applicable Coal Price ("ACP"). However, these were partially moderated by higher energy payment recorded from Segari Energy Ventures Sdn Bhd ("SEV") given the higher despatch factor. Within the Malakoff Environmental Solutions pillar, Alam Flora Sdn Bhd ("Alam Flora") posted a PATMI of RM59.5 million for the quarter under review, which is an increase of 5.1% from RM56.6 million reported in the previous corresponding quarter. On the operational front, Alam Flora's total recyclable material collected grew by 18.8% from the previous corresponding quarter mainly due to higher recyclables received by Alam Flora's Recovery Initiative Sustainable Eco-Facility or RISE@KL." Malakoff's Managing Director and Group Chief Executive Officer ("MD & GCEO"), Encik Anwar Syahrin Abdul Ajib, emphasised that in response to the growing energy demand, Malakoff is gearing up to assist the Government in securing the Nation's energy supply by optimising plant efficiency while also advancing its Renewable Energy ("RE") initiatives. "This week, Prai Power Sdn Bhd ("PPSB"), a subsidiary of Malakoff, signed a new Power Purchase Agreement ("PPA") with Tenaga Nasional Berhad ("TNB"), enabling the continued operation...

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