Kuala Lumpur, 27 August 2025 – Malakoff Corporation Berhad (“Malakoff” or “the Group”) reported an 85% quarter-on-quarter (QoQ) increase in profit after tax and minority interests (PATMI) to RM62.8 million in the second quarter ended 30 June 2025 (Q2 FY2025), reflecting stronger profitability despite softer revenue.
The Group posted revenue of RM2.02 billion, down 12.5% from RM2.31 billion in the same quarter last year (Q2 FY2024). The decline was largely due to lower energy payments from its coal-fired power plants, Tanjung Bin Power and Tanjung Bin Energy, following a drop in the applicable coal price (ACP). Contributions from Segari Energy Ventures, its gas power plant in Lumut, Perak, were also lower due to a reduced despatch factor.
On a year-on-year basis, PATMI was lower compared to RM93.6 million in Q2 FY2024, mainly due to the weaker revenue performance and the absence of a one-off compensation gain booked in the previous year. However, earnings were supported by the reversal of a coal inventory provision amid expectations of firmer coal prices and recovering global demand in 2025.
Environmental and Renewable Growth Momentum
Malakoff’s Environmental Solutions segment showed encouraging progress, with a 14% increase in waste collection volumes year-on-year, including concession and non-concession businesses as well as recyclable waste. This positive performance contributed to PATMI during the reporting period.
Key milestones during the quarter include:
- Sungai Udang Waste-to-Energy (WTE) Concession, Melaka
- Capacity to process 1,056 tonnes of municipal solid waste daily
- Expected to generate 22MW of renewable energy under a PPA with Tenaga Nasional Berhad (TNB)
- Aims to modernise Malaysia’s waste management system, reduce landfill reliance, and support the government’s circular economy goals
- MoU with Evergreen Earth in Sarawak
- Collaboration for large-scale solar PV projects and green initiatives
- Will support Malaysia’s energy transition, create jobs, and enhance rural infrastructure development
- Battery Energy Storage System (BESS) Proposal
- Submitted to the Energy Commission
- Capacity of 100MW/400MWh
- Expected to strengthen grid stability, enable renewable integration, and support Malaysia’s 2050 target of 70% RE installed capacity
Management Commentary
Group Managing Director and CEO, Anwar Syahrin Abdul Ajib, emphasised Malakoff’s resilience and focus on sustainable growth:
“Despite a challenging operating environment, we continued to operate profitably by prioritising operational efficiency. Our strategic pillars – Green Solutions, Environmental Solutions, and Energy – position Malakoff to create long-term value while supporting the nation’s transition towards cleaner energy.”
He added that the Group’s 50th anniversary this year underscores its legacy and leadership in the energy sector, bolstered by back-to-back recognition as ‘Independent Power Producer of the Year’ at Enlit Asia in 2023 and 2024.
Outlook
Malakoff remains on track to grow its renewable and environmental portfolio, strengthen recurring income, and contribute to Malaysia’s sustainable energy goals. The Group’s combination of traditional energy expertise with forward-looking green initiatives positions it as a key player in the nation’s energy transition.
