Tenaga Nasional Financial Results 2023

by Warren Seah

Key Highlights:

Net Profit Forecast

  • Analysts predict Tenaga Nasional to report a net profit of 3.53 billion ringgit ($739.0 million) for 2023.
  • This marks an increase from MYR3.46 billion in 2022.

Revenue Forecast

  • Revenue for the year is expected to have risen to MYR52.89 billion.
  • In 2022, Tenaga recorded revenue of MYR50.87 billion driven by higher electricity sales.

Stock Performance

  • The stock witnessed a 0.5% increase in the fourth quarter.
  • Year-to-date gains currently stand at 13%.

What to Watch For:

Fuel Margin Outlook

  • UOB Kay Hian analyst Chong Lee Len anticipates that Tenaga Nasional’s fuel margin turned positive in the fourth quarter due to stabilized coal prices.
  • This is expected to offset higher year-end expenses and boost quarterly net profit to MYR1 billion.

2024 Guidance

  • Analysts at BIMB Securities suggest that Tenaga’s earnings could benefit from higher electricity sales to Singapore and increased power demand from data centers in Malaysia.
  • The company is also set to gain from the enhanced interconnection of regional power grids and its expansion in renewable energy capacity.

As Tenaga Nasional gears up to announce its results, all eyes are on the positive outlook presented by analysts for both the current and upcoming years.

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