our operations and motivate us to strive for excellence and innovation in delivering sustainable and reliable energy solutions. In closing, I look forward to the continued support and collaboration from all our stakeholders as we forge ahead with optimism and commitment towards a brighter, greener, and more sustainable tomorrow. CHAIRMAN’S LETTER TO SHAREHOLDERS SUPPORTING OUR COMMUNITIES GOVERNANCE DATO’ ABDUL RAZAK BIN ABDUL MAJID Chairman TNB has electrified 108 vehicles within its fleet, aligning with its objective to replace 30% of its vehicles with EVs by 2030 We also formed a new Sustainability Division, headed by the Chief Sustainability Officer, with the key roles to ensure the effective deployment of our sustainability strategies TENAGA NASIONAL BERHAD Integrated Annual Report 2023 32 CEO’S STRATEGIC & OPERATIONAL REVIEW President/Chief Executive Officer DATUKIR. MEGAT JALALUDDIN BIN MEGAT HASSAN Dear Valued Shareholders of Tenaga Nasional Berhad: 2023 was an exciting year for Malaysia as the nation made a firm commitment to accelerate a responsible Energy Transition with TNB at the forefront in driving the country’s aspiration to achieve Net Zero Carbon Emissions by 2050. We at TNB are resolute in supporting the growth of the nation by creating further value for all our stakeholders by leveraging new opportunities and realise the nation’s sustainability ambitions for a better and brighter future. The increase in electricity demand directly contributed to TNB’s top-line growth of 4.3% YOY in 2023, with revenue growing to RM53.07 billion. However, we recorded lower EBITDA and profit after tax (PAT) of RM18.6 billion and RM2.6 billion respectively, mainly due to the negative fuel margin. Our liquidity and cashflow position have improved significantly in 2023 as we recorded a 56% reduction in receivables, mainly through consistent cost recovery of Imbalance Cost Pass-Through (ICPT) as well as efforts made by TNB to improve our collection rate. Operational excellence remains a cornerstone of our strategy,