GEORGE TOWN, June 26 -- Penang Water Supply Corporation's (PBAPP) holding company PBA Holdings Bhd (PBAHB) recorded the highest net profit of RM144.167 million in its 26-year history.

This is a 319.7 per cent increase in net profit compared to a net profit of RM34.348 million in 2023.

PBAHB and PBAPP chairman Chow Kon Yeow attributed the record net profit to the Penang water rate review that was implemented from February 1 last year.

"This is an outstanding achievement but it does not serve to fill PBAHB's coffers or to enrich the company," he said in a press conference after PBAHB's 25th annual general meeting.

He said the 2024 water rates were still insufficient to fund all projects under the Water Contingency Plan 2030 (WCP 2030)....