20 hours Ago By S. BIRRUNTHA
KUALA LUMPUR: Malakoff Corporation Bhd returned to the black in the fourth quarter ended Dec 31, 2024 (4Q24) with a net profit of RM26.03 million from a net loss of RM357.12 million in 4Q23.
This was mainly due to higher contributions from Tanjung Bin Power Sdn Bhd (TBP), the comoany said.Its revenue, however, fell 4.4 per cent RM2.
16 billion from RM2.26 billion a year ago, Malakoff's filing to Bursa Malaysia showed.As a result, Malakoff registered an earnings per share of 0.
53 sen against a loss per share of 7.31 sen previously.For the full financial year ended Dec 31, 2024 (FY24), the company bounced back to profitability by registering a net profit of RM268.
69 million from a net loss of RM837.16 million in FY23, while revenue declined to RM8.97 billion from RM9.
07 billion previously.In a separate statement, Malakoff managing director and group chief executive officer Anwar Syahrin Abdul Ajib said its continued progress in strengthening its power generation capabilities, expanding its renewable energy (RE) footprint and advancing environmental solutions."We are actively expanding our RE initiatives to support Malaysia's clean energy transition.
"As part of this, we successfully acquired the remaining 51 per cent and 49 per cent equity interests in ZEC Solar Sdn Bhd and TJZ Suria Sdn Bhd from Zelleco Engineering Sdn Bhd on Jan 31, 2025."With ZEC Solar's 29 megawatt (MW) large-scale solar (LSS) facility in Kota Tinggi, Johor, we continue to grow our solar portfolio."Additionally, its 84 MW small hydropower project in Kelantan is making steady progress, with construction underway along Sungai Galas in the Kuala Krai district, he said.
Anwar Syahrin said the company is strengthening its footprint in environmental solutions.He noted that Alam Flora Sdn Bhd's total recyclable material collected grew by 11.3 per cent from the previous corresponding quarter.
This was due to higher waste collection and processing volumes, supported by service area expansions, full operational capacity of recovery facilities, and strategic partnerships."We are proud to announce that we achieved a recycling rate of 21.1 per cent in 2024, exceeding our target of 15 per cent to 20 per cent, which we aspire to achieve in 2025," he said.
Anwar Syahrin said it remains focused on strengthening the nation's energy security by ensuring reliable and efficient power generation while continuously enhancing its technical capabilities.He noted that the group has also decided to realise the value of its investment in Malakoff Utilities Sdn Bhd and sell the business to a third party.This is to streamline Malakoff's business operations and freeing up the group's financial and operational resources for other profitable business opportunities.
"We expect the sale to complete by the second quarter of this year and plan to use the proceeds for future investments and working capital purposes," he said.© New Straits Times Press (M) Bhd.
