Tenaga Nasional reported higher profit after tax of RM1.51 billion in the current quarter (Q2) as compared to RM677.9 million in the preceding quarter, an increase of RM834.5 million. The group said this was mainly due to a higher operating profit together with a favourable foreign exchang translation and lower tax expense.

For the period ended 30 June 2024, the Group reported an improved financial performance driven by stronger demand growth, better operational performance and efficient capital management. The 8.4% electricity demand growth recorded is aligned with the country's Gross Domestic Product (GDP) expansion of 5.9%* in the second quarter of 2024. With the Malaysian economy projected to grow between 4% to 5%* from firm domestic demand, the Group anticipates a stable performance for 2024 and will remain cautious on market volatilities while taking prudent measures to ensure it remains resilient.

Performance of the current period ended 30 June 2024 against the corresponding period ended 30 June 2023:
Electricity sales increased by 6.8%, or RM1,720.7 million, driving a 7.9% growth or RM2,058.4 million in the Group's revenue. Demand growth rose by 8.4%, primarily fuelled by the commercial and domestic sectors. ICPT's under-recovery position fell from RM6,492.5 million to RM5,175.2 million over the current period due to lower negative fuel margin.

Operating profit rose by 8.0% to RM4,266.0 million from RM3,950.8 million in the corresponding period, driven by the aforementioned factors. Profit after tax increased to RM2,190.3 million from RM1,201.8 million in the corresponding period, an increase of 82.3% or RM988.5 million.

The rise was primarily due to the higher operating profit stated above coupled with a lower foreign exchange translation losses and lower net finance costs in the current period.