KUALA LUMPUR (Feb 28): Tenaga Nasional Bhd (TNB) (KL:TENAGA) said on Friday a reversal on impairment in receivables and financial instruments lifted its net profit by 64% in the final quarter of 2024.

Net profit for the three months ended Dec 31, 2024 (4QFY2024) was RM954.5 million, TNB said in an exchange filing. Revenue was 5% higher year-on-year at RM14.39 billion from increased electricity sales.

A dividend per share of 26 sen was declared, bringing its total dividend per share for FY2024 to 51 sen — the highest since FY2020.

Looking ahead, the company anticipates a stable performance in 2025 with the implementation of the incentive-based regulation Regulatory Period 4, supported by Malaysia's projected economic growth of 4.5% to 5.5%.

“The group will continue to implement prudent operational and financial strategies to sustain long-term resilience and remain vigilant of market challenges,” TNB added.

In FY2024, TNB’s total net profit surged nearly 70% to RM4.69 billion, its highest since FY2018, boosted by gains in foreign exchange translation and higher electricity sales. Total revenue increased by 6.9% to RM56.74 billion.