with subdued economic figures being recorded in 2023 compared to the robust numbers produced during the immediate post-COVID years. Consequently, the International Monetary Fund has projected global Gross Domestic Product (GDP) growth to moderate to 3.0% in 2023, slowing from the 3.5% posted in 2022. Chairman DATO’ ABDUL RAZAK BIN ABDUL MAJID FROM OUR LEADERSHIP Sec 2 29 Domestically, Malaysia’s economy mirrored the global narrative of moderated growth, as it recorded a GDP growth of 3.7% in 2023 following the strong 8.7% rebound in 2022. Despite the resilient domestic demand, Malaysia’s growth was tempered by weak external demand, in line with the slower global economy. On our part, TNB has continued to support Malaysia’s economic growth. Our efforts are aligned with the Madani Economy Framework that was introduced bythe government in 2023, which aims to restructure Malaysia’s economy to elevate the nation towards becoming a leading Asian economy and to improve the quality of life of all Malaysians. Meanwhile, Malaysia’s electricity demand growth, which generally reflects the country’s economic performance, posted a similar 3.8% year-on-year (YoY) growth in Peninsular Malaysia and Sabah, lower than the 6.1% YoY growth in the previous year. Growth was backed by healthy demand in both domestic and commercial segments, with YoY growth of 5.5% and 9.9%, respectively, reflecting Malaysia’s robust domestic demand. OUR FINANCIAL PERFORMANCE In 2023, our revenue saw an increase of 4.3% year-over-year, driven by a rise in electricity demand, but a decrease in EBITDA, which fell by 10.5% to RM18.6 billion, mainly due to a lower contribution from the generation business. In line with this, Profit After Tax decreased by 26.8% to RM2.6 billion, largely as a result of the volatility of global coal prices (accounted from stockpiled inventories). Despite these challenges, we maintained our commitment to our dividend policy, which aims for a 30% to 60% payout ratio based on the reported Consolidated Net Profit Attributable to