KUALA LUMPUR (May 29): Ranhill Utilities Bhd’s net profit rose 50.7% to RM11.12 million for the first quarter ended March 31, 2023 (1QFY2023), from RM7.38 million a year earlier, as its three main business segments registered higher earnings.

Earnings per share rose to 0.86 sen from 0.57 sen, according to the group's stock exchange filing.

Revenue increased 32.19% to RM520.08 million, from RM393.42 million in 1QFY2022, on higher contribution from its energy and chemical subsidiary Ranhill Worley Sdn Bhd, and higher recognition of water revenue by water supply subsidiary RanhillSAJ Sdn Bhd arising from a tariff hike and higher demand for electricity.

The group declared a dividend of 1.5 sen per share, payable on June 30.

Ranhill said its environment segment is actively exploring initiatives to expand the group's water supply operations to other states through the Asset-Light model, as stated in the Water Supply Industry Act 2006.

The energy segment, meanwhile, is looking forward to the expected completion of the Sabah East-West Transmission line in 2023, as it will enable up to 400 megawatt (MW) of additional electricity to be dispatched from Sabah’s west coast to the east coast.

“With 380MW of installed capacity in the West Coast of Sabah we view positively the prospect to export electricity to the East coast,” said the group.

For its engineering services, Ranhill will continue to reach its target of attaining 3,000 megalitres per day (MLD) of water, waste water and reclaimed water treatment capacity by 2025, with 400 MLD from its international operations.

“We shall also continue to pursue our energy target of having 1,000MW of generation capacity and 300MW of renewable capacity,” it said.

Ranhill’s share price rose 1.5 sen or 2.59% to 59.5 sen on Monday (May 29), with a market capitalisation of RM771.07 million.