KUALA LUMPUR: Ranhill Utilities Bhd's net profit rose 10 per cent to RM10.22 million in the third quarter (Q3) ended September 30, 2023 from RM9.32 million a year ago.

Its quarterly revenue surged 40.42 per cent to RM609.39 million in Q3 2023 from RM433.99 million last year.

Ranhill said this was due to higher recognition of water revenue contributed by its water supply subsidiary Ranhill SAJ Sdn Bhd, arising from a non-domestic tariff hike, as well as increased revenue from its engineering unit Ranhill Worley Sdn Bhd.

"The surge in revenue was also contributed by recognition of the construction progress of Ranhill Solar I in Bidor, Perak and higher recognition of net electrical output and capacity factor reported in Ranhill Sabah Energy I Sdn Bhd," it said.

For the cumulative nine-month period (9MFY2023), the group's net profit rose 40.9 per cent to RM33.40 million from RM23.71 million in the same period a year earlier.

Revenue for the period rose 34.0 per cent to RM1.72 billion from RM1.29 billion last year.

Ranhill said the government of Indonesia recently upgraded the status of its proposed "Source-to-Tap" project — which aims to supply treated water to three regions, namely DKI Jakarta Selatan, Bekasi City and Bekasi Regency — to the "National Strategic Project", thus giving it priority and importance.

The company is awaiting the acceptance of its feasibility studies and the award of "Initiator Status", before the Ministry of Public Works and Public Housing of Indonesia calls a tender for the project.

Additionally, Ranhill said its subsidiary had submitted concession bids for works on two reclamation and waste water treatment plants in Thailand.

"The company's ability in providing customised solutions and specialised facilities to treat complicated wastewater with complex and demanding waste characteristics, will serve as a competitive edge when bidding for contracts," it added.