Malakoff 3Q net profit jumps 53.4% to RM66.5mil

KUALA LUMPUR: Malakoff Corp Bhd, which posted a 53.4% jump in net profit in the third quarter ended Sept 30 to RM66.5mil, expects overall performance to remain satisfactory for the financial year ending Dec 31.

Its revenue for the quarter doubled to RM3.8bil against RM1.6bil posted last year.

The two-fold increase in revenue was primarily due to higher energy payments recorded from Tanjung Bin Power Sdn Bhd (TBP) and Tanjung Bin Energy Sdn Bhd (TBE) on the back of the higher applicable coal price (ACP).

For the first nine months, Malakoff posted a net profit of RM213.2mil, or earnings per share of 4.36 sen on revenue of RM7.4bil.

Malakoff’s managing director/chief executive officer Anwar Syahrin Abdul Ajib is optimistic about putting forth its sustainability agenda forward to support the government’s commitment to environmental sustainability.

“The National Energy Policy 2022-2040 released by the Government on Sept 19 has strategically charted the way forward and outlined key priorities for the energy sector in the coming years.

“With this, Malakoff continues to advance the transition to cleaner energy while exploring various strategies to significantly reduce our carbon footprint. While our growth in the solar sector has been highly encouraging, we are also exploring decarbonisation efforts at our thermal assets through hydrogen/ammonia and biomass co-firing,” he said in a statement.

“The group has successfully installed and commissioned 20.6 MWp of rooftop solar projects to date, as we accelerate the growth of our solar segment. Alam Flora’s subsidiary, Alam Flora Environmental Solutions (AFES), recently established a 3.64-hectare Inert Waste Management facility in Kuantan

to manage waste from construction, renovation and demolition of buildings or premises in the district.

“This green initiative facility is estimated to manage waste volume of 120 to 170 tonnes per day and will be a stepping-stone towards environmental sustainability through circular economy,” Anwar said.

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