KUALA LUMPUR (Nov 28): Tenaga Nasional Bhd (KL:TENAGA) posted an 85% rise in net profit to RM1.58 billion for its third quarter ended Sept 30, 2024 (3QFY2024) thanks to hefty foreign exchange (forex) gains, against RM856.2 million in the same quarter last year, according to the utility giant’s bourse filing on Thursday.

As for its topline, quarterly revenue grew 6.6% to RM14.35 billion against RM13.47 billion last year, driven by a 4.93% rise in electricity sales — to RM13.8 billion from RM13.15 billion. Meanwhile, the receipt of payment for the imbalance cost pass-through scheme amounted to RM2.196 billion for 3QFY2024, compared with RM1.99 billion a year ago.

The utility group’s operating expenses rose nearly 11% to RM15.18 billion from RM13.68 billion a year ago.

TNB booked a forex gain of RM1.12 billion — consisting of a RM1.11 billion translation gain and RM7.6 million transaction gain in the quarter under review — compared to a net forex gain of barely RM4.6 million in 3QFY2023.

No dividend was declared for 3QFY2024.

On its balance sheet, TNB’s receivables, deposits and prepayments fell 9.81% to RM12.11 billion from RM13.42 billion in the same quarter a year earlier, while its cash pile expanded 10.4% to RM17.22 billion versus RM15.6 billion.

For the nine months ended Sept 30 (9MFY2024), net profit surged 71.25% to RM3.74 billion from RM2.19 billion, as cumulative revenue increased 7.5% to RM42.36 billion versus RM39.41 billion.

It recorded a sizeable forex gain of RM1.07 billion versus a loss of RM360.5 million in 9MFY2023.

With the Malaysian economy expected to expand between 4.8% to 5.3% in 2024, according to Bank Negara Malaysia, TNB expects a stable performance for the full year ending Dec 31, 2024 (FY2024).

Shares in TNB ended unchanged at RM13.98 on Thursday, valuing the group at RM81.27 billion. Year-to-date, the heavyweight blue chip has climbed 39%.