Malakoff : reports impressive Q3 FY2024 performance with RM86.9 million net profit.

About this update from Malakoff Corporation Bhd

NEWS RELEASE FOR IMMEDIATE PUBLICATION MALAKOFF REPORTS IMPRESSIVE Q3 FY2024 PERFORMANCE WITH RM86.9 MILLION NET PROFIT Continued Improvements from TBP and TBE Power Plants KUALA LUMPUR, Malaysia - 26 November 2024: Malakoff Corporation Berhad ("Malakoff" or "the Group") recorded a Profit after Tax and Minority Interests ("PATMI") of RM86.9 million for the quarter ended 30 September 2024 ("Q3 FY2024"), an increase of RM172.5 million or 201.5% from RM85.6 million of Loss after Tax and Minority Interests ("LATMI") reported in the previous corresponding quarter ended 30 September 2023 ("Q3 FY2023"). The surge in profit was primarily attributed to improved contributions from Tanjung Bin Power Sdn Bhd ("TBP") and Tanjung Bin Energy Sdn Bhd ("TBE") plants given the lower weighted average coal costs following stabilisation of global coal prices together with the settlement of TBE's final insurance claims related to equipment performance issues. The Group posted a revenue of RM2,219.2 million for Q3 FY2024, an increase of RM64.7 million or 3.0% from RM2,154.5 million reported in Q3 FY2023. The increase is due to higher energy payment recorded from Segari Energy Ventures Sdn Bhd ("SEV") given the increase in despatch factor, however partially offset by lower energy payment recorded from TBP following a major scheduled plant outage. Malakoff's subsidiary, Alam Flora Sdn Bhd ("Alam Flora") posted PATMI of RM24.0 million for the quarter under review, an increase of 9.1% from RM22.0 million reported in the previous corresponding quarter. On the operational front, Alam Flora's total recyclable material collected grew by 12.8% from the previous corresponding quarter mainly due to increase in used cooking oil and recycled paper. Malakoff's Managing Director and Group Chief Executive Officer, Anwar Syahrin Abdul Ajib, reaffirmed the Group's dedication to strengthening the nation's energy security by leveraging its robust assets, operational efficiency and the expertise of its people, while aggressively expanding its renewable energy ("RE") ventures to address the country's growing energy demands. "On 27 August 2024, Prai Power Sdn Bhd ("PPSB"), Malakoff's wholly-owned subsidiary, secured a one-year extension to its Power Purchase Agreement ("PPA") with Tenaga Nasional Bhd. The agreement, covering our 350MW combined cycle gas turbine ("CCGT") power plant in Prai, Pulau Pin...

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