KUALA LUMPUR (Feb 21): Malakoff Corp Bhd (KL:MALAKOF) returned to the black for the fourth quarter mainly due to the absence of any share of loss from the group’s investment in an independent water and power producer (IWPP) in Bahrain.

Net profit for the three months ended Dec 31, 2024 (4QFY2024) stood at RM26.03 million versus a net loss of RM357.12 million a year earlier, according to the group’s bourse filing on Friday.

In 4QFY2023, the group’s 40%-owned Al-Hidd IWPP had contributed to a substantial share of loss of associates and joint ventures of RM451.05 million. This swung to a share of profit of RM34.71 million in 4QFY2024.

Meanwhile, Malakoff booked an impairment loss of investment in associates of RM12.48 million in 4QFY2024 versus a reversal of RM66.34 million a year earlier.

Quarterly revenue slipped 4.4% to RM2.16 billion from RM2.26 billion on lower energy payment for Tanjung Bin Power Sdn Bhd on lower applicable coal price and despatch factor. This was partially moderated by higher energy payments for Tanjung Bin Energy Sdn Bhd and Segari Energy Ventures Sdn Bhd in line with a higher despatch factor.

Malakoff said an announcement on the final dividend for FY2024 will be made upon the finalisation of its audited financial statement in March.

For FY2024 as a whole, Malakoff posted a net profit of RM268.69 million versus a net loss of RM837.16 million in FY2023, while revenue logged a slight 1% dip to RM8.97 billion from RM9.07 billion.

Looking ahead, Malakoff managing director and group CEO Anwar Syahrin Abdul Ajib highlighted the group’s expansion of its solar portfolio, which saw it increase its total renewable energy capacity to 173MW.

On Malakoff’s environmental solutions segment, Anwar Syahrin said the group’s 97.4%-owned waste management solutions provider Alam Flora Sdn Bhd collected more waste year-on-year, supported by service area expansions, full operational capacity of recovery facilities and strategic partnerships.

“With a strong financial performance, continued expansion across key business segments and a commitment to operational excellence, Malakoff remains focused on delivering long-term value,” the group added.

Shares in Malakoff ended half a sen or 0.61% higher at 82.5 sen, valuing the group at RM4.12 billion.