KUALA LUMPUR: Malakoff Corp Bhd’s net profit tumbled 77.9% to RM9.2mil in the fourth quarter ended Dec 31, 2021 (4Q21) from RM41.64mil a year ago.

       The lower profit was primarily due to write-off of Segari Energy Ventures Sdn Bhd (SEV) deferred expense, lower contribution from Tanjung Bin Energy Sdn Bhd (TBE) impacted by lower capacity payment and impairment of assets caused by plant outage as well as higher operation and maintenance costs.

       However, these were partially moderated by higher contributions from Tanjung Bin Power Sdn Bhd (TBP) on the back of higher applicable coal price (ACP) as well as higher contributions from Alam Flora Sdn Bhd (AFSB) and foreign investments in associates.

       Revenue, however, rose 28.4% to RM1.94bil from RM1.51bil reported a year ago, mainly due to higher energy payments recorded from TBP on the back of higher ACP and SEV given the higher despatch factor.

       For the full financial year ended Dec 31, 2021, Malakoff posted a net profit of RM254.54mil on revenue of RM6.46bil.

       Malakoff said the group continued to leverage on the Government’s transition to a low-energy carbon system and expanded its renewable energy (RE) portfolio with a long-term target of 1,400 MW by 2031.

       To date, the group has secured rooftop solar projects with a total capacity of 24.8 MWp.

       On the environmental solutions front, Malakoff said Alam Flora continued to make progress on the development of its construction and development waste facility (120 tonnes per day) in Pahang which is expected to commence operations in second quarter 2022.