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TNB stock market's top loser after posting below expectations FY23 results

Publish date: Wed, 28 Feb 2024, 01:14 PM

KUALA LUMPUR: Tenaga Nasional Bhd (TNB) found itself among the top losers on Wednesday, as its share price faced significant selling pressure. 

Investors reacted to the company's earnings coming in lower than expected for the fourth quarter ended Dec 31, 2023 (4Q23) and FY23.

At 11.15am, TNB's share price was down 42 sen or 3.63 per cent lower at RM11 valuing the group at RM63.66 billion.

The counter opened at RM11.20 today.

On Tuesday, TNB reported that its net profit fell 19.9 per cent to RM2.77 billion for FY23 from RM3.46 billion a year ago due to negative fuel margins and an impairment on intangible asset.

Its revenue, however, rose 4.3 per cent to RM53.01 billion in FY23 from RM50.87 billion previously, according to its filing to Bursa Malaysia.

Meanwhile, for 4Q23, TNB registered lower net profit of RM583.9 million from RM809.1 million last year due to unfavourable foreign exchange translation.

Quarterly revenue rose 5.7 per cent to RM13.65 billion compared to RM12.92 billion in the same period last year, underpinned by higher sales of electricity by 5.3 per cent or RM672.6 million.

TNB approved a final single-tier dividend of 28 sen per ordinary share for FY23, amounting to approximately RM1.62 million.

Going forward, the utility group said it will continue to take prudent measures in terms of its operational and financial requirements to ensure it remains resilient.

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