News

TNB forecasts a rebound in its revenue this year

KUALA NERANG, March 7 - Tenaga Nasional Bhd (TNB), which reported a 13.7 per cent drop in unaudited revenue to RM43.98 billion in 2020, expects the figure to improve this year despite the COVID-19 situation still facing the country.

Chairman Datuk Seri Mahdzir Khalid said the electricity utility’s top line performance weakened last year partly due to the enforcement of the first Movement Control Order (MCO).

“Electricity consumption was low in April, May and June last year during the MCO period, as many economic sectors were not operating. Shops, hotels and factories had to be shuttered following the COVID-19 pandemic.

“With the closures, there was no electricity usage at the business premises; it was only used at home where people were confined to, and this impacted TNB’s revenue,” he told reporters after presenting donations under the company’s Ceria Ke Sekolah programme here today.

In tandem with the lower revenue, TNB also recorded a 20.7 per cent lower net profit of RM3.59 billion for the financial year ended Dec 31, 2020.

Mahdzir said despite the reduction in total revenue last year, the company continued to be committed to carry out its corporate social responsibility (CSR) to help the needy.

“Today, about 4,000 students in Kedah received RM100 each under this programme,” he said, adding that TNB had allocated RM3 million for its nationwide CSR programme this year.

-- BERNAMA

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