TNB chiefs see surge in salary

The national power company's bosses have taken home more money this year than they have in previous years, its Annual Report says.

PETALING JAYA: Wages have increased dramatically for national power company Tenaga Nasional Bhd’s (TNB) bosses, according to its 2010 Annual Report.

By August 2010, its executive director Che Khalib Mohamad Noh received an annual basic salary of RM1.2 million, double the amount he was given in 2009.

Throw in EPF contributions, a RM302,500 bonus and other allowances, his 2010 wage would come to RM1,806,664.

The report said: “During financial year 2009/2010, Che Khalib also received RM400,000 and RM600,000 in respect of arrears for new salary and special ex-gratia, approved by MoF (the Ministry of Finance) and TNB’s board of directors.”

TNB’s second executive director Azwan Mohd, who was appointed on April 15, 2010, received a total remuneration of RM755,320.22, including a basic salary of RM457,440.

The power company also saw slight wage increases for many of its non-executive directors.

Former Sarawakian politican Leo Moggie received RM313,791.15 in 2010 compared with his 2009 wage of RM299,190.20.

His colleague, Mohammad Zainal Shaari, took home RM134,056.95 this year compared with RM127,797.85 in 2009.

Other non-executive directors, including Puteh Rukiah Abd Majid and Hari Narayanan Govindasamy, saw smaller wages in 2010.

Borrowings and liabilities

As a whole, the power company also enjoyed much larger revenues and a steady operating profit, according to a five-year group financial summary.

In 2010, TNB Group gained RM30,320.1 million in revenue; nearly RM10 billion more than the 2006 numbers, and RM1.5 billion more than it got in 2009.

It also received RM4,182.7 million in operating profits, second only to 2007′s RM5,542.7 million.

TNB Group also saw RM4,022.1 million in profit before taxation and zakat, more than double that of 2009 (RM1,543.1 million).

Its 2010 net profit attributable to company equity holders were also three times (RM3,201.9 million) higher than that of 2009 figures (RM917.9 million).

TNB Group’s total assets in 2010 increased to RM74,081.1 million, with a decrease (compared with 2009) of total borrowings and liabilities of RM21,263.6 million and RM45,266.6 million respectively.