KUALA LUMPUR: Ranhill Utilities Bhd remains committed to its objectives of reaching a water, wastewater, and reclaimed water treatment capacity of 3,000 minimal liquid discharge (MLD) by 2027.
Additionally, the company aims to achieve a generation capacity of 1,000 megawatts in the energy sector.
The company noted that in the energy sector, it has submitted a proposal to extend the power purchase agreement for its Teluk Salut Power Plant, which is set to expire in 2029.
Furthermore, its RSI project in Bidor, Perak, the company's inaugural foray into large-scale solar projects, successfully commenced commercial operations on February 7, 2024.
It said in a statement that this milestone underscores its dedication to Malaysia's energy transition initiative.
Ranhill witnessed a 39.2 per cent year-on-year (YoY) decline in net profit for the financial year ending on December 31, 2023 (FY23), dropping to RM57.89 million compared to RM95.25 million in FY22.
This decrease can be attributed to several factors, including the rise in the new imbalance cost pass-through (ICPT) rate imposed by Tenaga Nasional Bhd, increased maintenance and non-revenue water costs, and reduced recognition of government grants.
Despite the decline in net profit, revenue saw a notable increase of 32.1 per cent YoY, reaching RM2.28 billion compared to RM1.73 billion in the previous year.
According to the company, this growth was largely driven by the engineering services segment, which recorded a revenue of RM574.2 million, marking a substantial 98.9 per cent YoY increase.
The surge in revenue was primarily fueled by heightened contributions from Ranhill Worley Sdn Bhd, attributable to chargeable hours from secured projects, it said in a statement.
For the fourth quarter ended Dec 31, 2023 (Q4 2023), its net profit fell 65.8 per cent to RM24.48 million from RM71.55 million in the corresponding quarter the previous year.
Revenue rose 26.6 per cent YoY to RM557.72 million from RM440.56 million in Q4 2022.
Ranhill said that, in line with its growth strategy, the company had embarked on significant expansion initiatives in both the environmental and energy sectors.
In Indonesia, it is collaborating with strategic partners to spearhead the 'Source-to-Tap' project, aiming to provide treated water to four regions.
In Thailand, its unit, AnuRAK, has submitted bids for upgrading existing treatment plants and establishing new facilities, leveraging Ranhill's expertise in wastewater treatment.
