PETALING JAYA: Malakoff Corp Bhd’s net profit for the fourth quarter ended Dec 31, 2021 fell 77.9% to RM9.2 million from RM41.64 million a year ago, attributed primarily to a write-off of Segari Energy Ventures Sdn Bhd’s (SEV) deferred expense, lower contribution from Tanjung Bin Energy Sdn Bhd (TBE) resulting from lower capacity payment and impairment of assets caused by plant outage.
Its revenue increased 28.4% to RM1.94 billion from RM1.51 billion in the same quarter last year. due mainly to higher energy payments recorded from Tanjung Bin Power Sdn Bhd (TBP) on the back of higher applicable coal price (ACP) and SEV given the higher despatch factor.
For the full year, its net profit declined 11.2% to RM254.55 million RM286.58 million primarily attributed to a write-off of SEV’s deferred expense, lower contribution from TBE resulting from lower capacity payment and impairment of assets caused by plant outage, as well as the absence of TBE’s settlement agreement with Alstom Power System and GE Power Services (Malaysia) Sdn Bhd.
It recorded revenue of RM6.46 billion for FY21, representing a 3.0% increase compared with RM6.28 billion for FY20, mainly due to the higher energy payment recorded from TBP on the back of higher ACP.
Malakoff managing director and CEO Anwar Syahrin Abdul Ajib (pix) said renewable energy (RE) and environmental solutions will be the key growth drivers of Malakoff as the company advances its transition to a cleaner energy and circular economy future.
“We have achieved commercial operations of the rooftop solar projects for POS Malaysia Bhd, DRB-Hicom Bhd and UMW Holdings with a total capacity of 11 MWp. The group continues to accelerate its expansion in rooftop solar as we collaborate with key clients to support their sustainability agenda of harnessing energy from green sources.
“On the environmental solutions front, Alam Flora Sdn Bhd’s construction & demolition waste facility in the state of Pahang is expected to be fully operational by end of Q1 2022. The 120-tonne per day facility is part of the group’s initiative to capture new revenue streams from inert waste,” he added.