Enhancing Life,
Enriching Communities.
Enhancing Life,
Enriching Communities.
Dear Shareholders,
I am pleased to report on Malakoff’s recovery in 2024, following a challenging 2023 on account of the fluctuating coal prices and a substantial share of loss from our 40% foreign associate in Bahrain, including an impairment loss on the Group’s carrying value of investment of the same project in Bahrain. The Group regained momentum and returned to profitability for the financial year ended 31 December 2024 (FY2024), demonstrating our resilience and determination to create value for our shareholders.
The global economy navigated a complex and evolving landscape, shaped by geopolitical tensions and disruptions in international trade. Despite these challenges, Malaysia’s economy demonstrated resilience, expanding by 5.1% (2023:3.6%), supported by robust domestic demand and a rebound in exports. Growth was supported by stronger household spending, reflecting favourable labour market conditions, policy measures and stable household balance sheets. Investment growth was strengthened by strong investment approvals and the progress of multi-year projects, including catalytic initiatives under national master plans such as the New Industrial Master Plan, National Energy Transition Roadmap (NETR) and National Semiconductor Strategy. However, external headwinds and volatile commodity prices posed challenges.
Tan Sri Che Khalib Mohamad Noh
Chairman
Dear Shareholders,
2024 was a year of progress and momentum as we strengthened Malakoff’s resilience, expanded our renewable energy (RE) footprint and moved forward with sustainable solutions.
With a clear focus on innovation and operational excellence, we navigated industry shifts, reinforced energy security and delivered long-term value. As we move ahead, we remain committed to driving Malaysia’s green transition and contributing to a resilient energy future.
Anwar Syahrin Abdul Ajib
Managing Director & Group Chief Executive Officer (MD & GCEO)
Achieved a total of 173 MW of renewable energy (RE) capacity, marking a 496.6% increase from the 2021 baseline.
Acquired 51% equity in ZEC Solar Sdn. Bhd. and 49% in TJZ Suria Sdn. Bhd., increasing RE capacity by 29 MW.
Completed 17.4 MWp of commercial and industrial solar installations.
Completed the E-Idaman Sdn. Bhd. (E-Idaman) acquisition, increasing Malakoff’s waste management capabilities and strengthening its presence in the Northern region’s non-concession segment.
Introduced a new fleet of waste collection vehicles, enhancing efficiency, operational sustainability and environmental impact reduction.
Secured multiple contracts for leachate treatment plants, further expanding Malakoff’s environmental solutions portfolio and enhancing waste-to-resource capabilities.
Secured a one-year extension for the 350 MW Prai Power Plant through a new Power Purchase Agreement with Tenaga Nasional Berhad, which is expected to contribute to Malakoff’s financial performance in the upcoming year.
Successfully launched the Biomass Co-firing Project at Tanjung Bin Power Plant (TBPP) in 2024, a key milestone under the National Energy Transition Roadmap. The project was officiated by Deputy Prime Minister and Minister of Energy Transition and Water Transformation, YAB Dato’ Sri Haji Fadillah Haji Yusof.
Secured a new contract in Bangladesh, further expanding Malakoff’s international footprint in energy generation and infrastructure services.
Revenue
EBITDA
Dividend Per Share
Dividend Payment
Environmental
Carbon Emission Reduction
Recycling & Waste Management
RE Expansion
Biomass Co-firing Initiative
Social
Community Engagement & Awareness
Employee Training & Development
Health & Safety
Diversity & Inclusion
Governance
Zero Bribery & Non-Compliance
Independent Power Producer of the Year Award at Enlit Asia 2024
United Nations Global Compact Network Malaysia & Brunei Forward Faster Sustainability Award 2024
Company of the Year (Energy Generation) for Community Care and Environmental Conservation at the Sustainability and CSR Malaysia Awards 2024
Company of the Year
(Waste Management)
by Sustainability and CSR Malaysia Awards 2024
Assigned “Gold” Impact Assessment by MARC Ratings for our Sustainable Finance Framework
2024 Special Achievement by GIS Award in San Diego, California
Green Achievement Enterprises Award by Third Solar Energy Storage Future Malaysia 2024
Achieved a total of 173 MW of renewable energy (RE) capacity, marking a 496.6% increase from the 2021 baseline.
Acquired 51% equity in ZEC Solar Sdn. Bhd. and 49% in TJZ Suria Sdn. Bhd., increasing RE capacity by 29 MW.
Completed 17.4 MWp of commercial and industrial solar installations.
Completed the E-Idaman Sdn. Bhd. (E-Idaman) acquisition, increasing Malakoff’s waste management capabilities and strengthening its presence in the Northern region’s non-concession segment.
Introduced a new fleet of waste collection vehicles, enhancing efficiency, operational sustainability and environmental impact reduction.
Secured multiple contracts for leachate treatment plants, further expanding Malakoff’s environmental solutions portfolio and enhancing waste-to-resource capabilities.
Secured a one-year extension for the 350 MW Prai Power Plant through a new Power Purchase Agreement with Tenaga Nasional Berhad, which is expected to contribute to Malakoff’s financial performance in the upcoming year.
Successfully launched the Biomass Co-firing Project at Tanjung Bin Power Plant (TBPP) in 2024, a key milestone under the National Energy Transition Roadmap. The project was officiated by Deputy Prime Minister and Minister of Energy Transition and Water Transformation, YAB Dato’ Sri Haji Fadillah Haji Yusof.
Secured a new contract in Bangladesh, further expanding Malakoff’s international footprint in energy generation and infrastructure services.
Revenue
EBITDA
Dividend Per Share
Dividend Payment
Environmental
Carbon Emission Reduction
Recycling & Waste Management
RE Expansion
Biomass Co-firing Initiative
Social
Community Engagement & Awareness
Employee Training & Development
Health & Safety
Diversity & Inclusion
Governance
Zero Bribery & Non-Compliance
Independent Power Producer of the Year Award at Enlit Asia 2024
United Nations Global Compact Network Malaysia & Brunei Forward Faster Sustainability Award 2024
Company of the Year (Energy Generation) for Community Care and Environmental Conservation at the Sustainability and CSR Malaysia Awards 2024
Company of the Year
(Waste Management)
by Sustainability and CSR Malaysia Awards 2024
Assigned “Gold” Impact Assessment by MARC Ratings for our Sustainable Finance Framework
2024 Special Achievement by GIS Award in San Diego, California
Green Achievement Enterprises Award by Third Solar Energy Storage Future Malaysia 2024
Malakoff’s strategy is anchored on three core business pillars:
We are at the forefront of Malaysia’s transition to sustainable energy, providing innovative and renewable energy solutions.
Under Malakoff Green Solutions, we are driving the development of:
Commercial & Industrial Solar
Large Scale Solar
Small Hydropower
Biogas and Biomass
Battery Energy Storage Systems
Carbon-Free Mobility Infrastructure
As a leading waste management and environmental solutions provider, we support communities in reducing waste while minimising environmental impact.
Through Malakoff Environmental Solutions, we provide:
Comprehensive Waste Management Solutions
Recycling Initiatives
Hazardous and Marine Waste Solutions
Integrated Facility Management
Water Desalination Projects
Waste-To-Energy Innovations
As a major player in thermal power generation, Malakoff Energy ensures dependable, cost-effective energy supply while promoting efficiency and conservation.
Our power generation portfolio includes:
Segari, Kapar, Prai, Tanjung Bin and Tanjung Bin Energy Power Plants in Malaysia
International Power Generation Assets in Saudi Arabia, Bahrain and Oman
Operation and Maintenance Services
Electricity Distribution & District Cooling System
Sustainability is at the heart of Malakoff’s strategy, embedded in our transformation journey under the Malakoff Strategic Transformation 2.0 plan. In 2022, we introduced the Sustainability Framework to integrate responsible business practices across our operations, ensuring long-term value creation while addressing global sustainability challenges.
M4
Operational Excellence
M5
Physical and Transition Climate Risks
M6
Renewable Energy Transition
M7
Energy Mix and Efficiency
M8
GHG Emissions
M12
Waste Management and Effluents
M13
Coal Ash Management
M15
Asset Life Cycle and Integrity
M17
Water Management
M20
Biodiversity
M3
Occupational Safety and Health
M9
Stakeholder Management and Engagement
M10
Talent Management and Development
M11
Human and Labour Rights
M16
Supply Chain Management
M19
Community Impact
M1
Good Governance and Corporate Integrity
M2
Regulatory Compliance
M14
Grid Stability
M18
Technology and Innovation
Date:
29 April 2025 (Tuesday)
Time:
10:00 a.m.
Venue:
Glenmarie Ballroom,
Glenmarie Hotel & Golf Resort,
Jalan Usahawan, U1/8,
Glenmarie Golf & Country Club,
40250 Shah Alam, Malaysia.
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