KUALA LUMPUR (March 25): Malakoff Corp Bhd, which booked a net loss for its financial year ended Dec 31, 2023 (FY2023), has declared a final dividend of 1.5 sen per share for the year.
The dividend will be paid on May 29, with April 29 as the ex-date and April 30 as the entitlement date, the power producer said in a bourse filing on Monday.
Prior to the final dividend, Malakoff in August last year declared an interim dividend of 1.5 sen per share for FY2023.
This brings total dividends for FY2023 to a record low of three sen per share compared with the 5.25 sen per share it paid for FY2022.
Last month, Malakoff announced that it incurred a net loss of RM884.36 million for FY2023 — the group's first annual net loss since its listing in 2015 — versus a net profit of RM255.03 million in FY2022. Revenue fell 12.4% to RM9.07 billion from RM10.36 billion a year earlier.
The group also posted a net loss of RM357.1 million for its fourth quarter ended Dec 31, 2023 (4QFY2023) against a net profit of RM41.9 million in 4QFY2022, while revenue fell 23.89% to RM2.26 billion from RM2.97 billion a year earlier.
It attributed the losses to substantial negative fuel margin at its Tanjung Bin Power and Tanjung Bin Energy coal plants, lower contribution from the GB3 gas plant following the expiry of its power purchase agreement (PPA), as well a substantial share of loss from its 40%-owned Al-Hidd independent water and power producer (IWPP) associate in Bahrain.
Malakoff's shares closed half a sen lower or 0.8% at 63 sen on Monday, valuing the group at RM3.12 billion.