: JAKS Resources Bhd expects to see a better financial performance for the year ending Dec 31, 2022 , amid consistent and recurring contributions from its power-energy division and as the company becomes more active in the energy space.
The plant achieved the commercial operation for its first 600MW unit in November 2020, while the commercial operation for the second unit was achieved in January 2021. For the financial year ended Dec 31, 2021, its total share of profit from the 30 per cent stake in the Hai Duong power plant was RM140.7 million. It led to the company’s turnaround to a profit before tax of RM30.3 million from a loss of RM110.2 million in the previous financial year.
Lim said it is looking for opportunities to acquire existing power plants, solar plants, water infrastructure projects and sewerage treatment plants in Vietnam that can provide immediate earnings contribution to JAKS. To meet the growing demand, the country needs 60,000MW of electricity by 2020, 96,500MW by 2025, and 129,500MW by 2030; and to do so, the country needs to increase its installed capacity by 6,000MW–7,000MW annually and spend close to US$148 billion by 2030.
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