KUALA LUMPUR (Sept 30): Tenaga Nasional Bhd (TNB) has named former MMC Corp Bhd group chief financial officer (CFO) Badrulhisyam Fauzi as its new CFO with effect from Jan 1, 2025.
He will replace Nazmi Othman, 60, whose employment contract will expire on Dec 31, 2024, according to TNB’s bourse filing on Monday.
Badrulhisyam, 44, who was also the covering chief executive officer of MMC group member company Alam Flora Sdn Bhd, joined MMC group in 2011.
He started his career as an investment analyst in Permodalan Nasional Bhd and was the head of analysts for the global equity research team in the international fund management department before joining MMC.
Badrulhisyam, who graduated with a bachelor of engineering in computing from Imperial College London, is also a Chartered Financial Analyst (CFA) charter holder of the CFA Institute, and a Chartered Management Accountant holder of the Chartered Institute of Management Accountant.
He sat on the board of several non-listed companies, which are part of the MMC group, including MMC Engineering Group Bhd, NCB Holdings Bhd, Kramat Tin Dredging Bhd, Northport (Malaysia) Bhd, Kontena Nasional Bhd, and Johor Port Bhd.
TNB reported a net profit of RM1.45 billion for the second quarter ended June 30, 2024, a more than fourfold jump from RM327.9 million a year ago, as it recorded higher electricity sales, a favourable foreign exchange translation, and lower net finance costs.
Quarterly revenue grew 7.83% to RM14.4 billion from RM13.3 billion, driven by a 5.7% or RM745.8 million increase in electricity sales.
For the first half of the year, TNB’s net profit rose 62.4% year-on-year to RM2.16 billion from RM1.33 billion, with revenue up 7.9% to RM28 billion from RM25.9 billion.
At the closing bell on Monday, TNB’s shares dropped 22 sen or 1.5% to RM14.44, giving the group a market capitalisation of RM83.94 billion. The stock has gained RM4.46 or 44.7% year to date.–THE EDGE
