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Ranhill Headline Performance:
Revenue: RM657 mil (vs. RM613 mil in previous quarter) .
Net Profit: RM70 mil (vs. RM58 mil in previous quarter) .
Key Highlights:
Lifted by two one-off income items this quarter: (i) RM49 mil federal government grant; (ii) RM51 mil state government cost reimbursement (details below) .
Stripping out these items, the core water operations softened < exact magnitude is unclear due to limited disclosure
RM49 mil Federal Grant: Disbursed for pipe leakage repairs (Non-Revenue Water reduction) < non-recurring/ad-hoc, but recurring periodically over time.
RM51 mil State Cost Reimbursement: Compensation for exploring alternative water sources during past Johor supply crunches < also an ad-hoc reimbursement.
Electricity accounts for 65% of operational costs. A 5% increase in electricity tariffs could hit net profit by roughly 30% < exercise caution if TNB revises industrial tariffs .
One water treatment plant is slated for completion this year; water supply revenue should see growth early next year .
Long-term beneficiary of rising data center (DC) water consumption, though short-term catalysts over the next 1–2 quarters remain limited. Given the recent rapid run-up, taking some partial profits off the table is sensible.
