TNB shines with RM3.72 bil net profit

Tenaga Nasional Bhd says it is increasing investments in renewable energy. (Bernama pic)

KUALA LUMPUR: Tenaga Nasional Bhd’s net profit for the financial year ended Dec 31, 2018 rose to RM3.72 billion from RM2.62 billion in 2017.

Its revenue soared to RM50.39 billion from RM15.69 billion previously on the back of higher sale of electricity.

In a statement, TNB president and CEO Azman Mohd said stable returns enabled the utility company to reinvest heavily in ensuring the reliability and sustainability of the national grid while enabling increasing investments in renewable energy.

“We intend to forge ahead with our strategic plan that is aligned towards creating value for customers while supporting the government’s push towards Malaysia Energy Supply Industry 2.0,” he said.

TNB spent RM11.82 billion in capital expenditure in 2018 on maintaining, improving and modernising the power infrastructure.

This was to keep pace with the growing electricity demand as well as to accommodate the growth of renewable energy in the country.