YTL Corp's Half-Year Profit After Tax Jumps 515% to RM2.0 Billion (US$413 Million)

Executive Chairman, Tan Sri (Sir) Francis Yeoh said, "The Group achieved outstanding results for the first half of the 2024 financial year, with improved performances contributed by almost all business segments. Profit after tax surged 515% to RM1.97 billion on the back of a 15% growth in revenue, driven primarily by the utilities and cement divisions.

"The Group's EBITDA (earnings before interest, tax, depreciation and amortisation) almost doubled, increasing to RM4.8 billion for the half-year ended 31 December 2023 compared to RM2.5 billion for the same period last year."

Kuala Lumpur, Thursday 22 February 2024 - YTL Corporation Berhad recorded revenue of RM15,051.1 million (US$3,155.4 mn) for the 6 months ended 31 December 2023, a 15% increase compared to RM13,081.2 million (US$2,742.4 mn) for the previous corresponding 6 months ended 31 December 2022.

Profit before tax grew 408% to RM2,489.9 million (US$522.0 mn) for the half-year under review compared to RM490.6 million (US$102.8 mn) for the same period last year, whilst profit after tax jumped 515% to RM1,970.0 million (US$413.0 mn) this year compared to RM320.3 million (US$67.1 mn) for the same period last year.

Executive Chairman, Tan Sri (Sir) Francis Yeoh Sock Ping, PSM, KBE, said, “The Group achieved outstanding results for the first half of the 2024 financial year, with improved performances contributed by almost all business segments. Profit after tax surged 515% to RM1.97 billion on the back of a 15% growth in revenue, driven primarily by the utilities and cement divisions.

"The Group's EBITDA (earnings before interest, tax, depreciation and amortisation) almost doubled, increasing to RM4.8 billion for the half-year ended 31 December 2023 compared to RM2.5 billion for the same period last year."

YTL POWER INTERNATIONAL BERHAD
YTL Power's Half-Year Profit After Tax Surges 377% to RM1.7 Billion

YTL Power registered a 15% increase in revenue to RM10,819.3 million for the 6 months ended 31 December 2023 compared to RM9,447.2 million for the previous corresponding 6 months ended 31 December 2022.

Profit before tax rose 328% to RM2,056.3 million for the half-year under review compared to RM480.8 million for the same period last year, whilst profit after tax surged 377% to RM1,710.5 million this year over RM358.3 million for the same period last year.

Tan Sri (Sir) Francis Yeoh Sock Ping, Executive Chairman of YTL Power, said, "The Group's improved performance stemmed mainly from better margins in the power generation segment. The water and sewerage segment recorded higher revenue due to new contracts secured within the non-household retail market, although higher interest accruals on index-linked bonds continued to have a non-cash impact on profit".

EBITDA (earnings before interest, tax, depreciation and amortisation) for the 6 months ended 31 December 2023 doubled to RM3.6 billion, compared to RM1.8 billion for the same period last year.

MALAYAN CEMENT BERHAD
Malayan Cement's Half-Year Revenue Increases 31% to RM2.3 Billion & Profit After Tax Grows to RM217 Million

Malayan Cement's revenue increased 31% to RM2,306.6 million for the 6 months ended 31 December 2023 compared to RM1,755.8 million for the previous corresponding 6 months ended 31 December 2022. Profit before tax grew exponentially to RM342.1 million for the half-year under review compared to RM28.4 million for the same period last year, whilst profit after tax increased to RM217.4 million this year over RM16.2 million for the same period last year.

Tan Sri (Sir) Francis Yeoh Sock Ping, Executive Chairman of Malayan Cement, said, "Malayan Cement delivered a robust set of results for the first half of the 2024 financial year. The improved performance was due mainly to higher volumes and stabilisation in selling prices for both domestic cement and ready-mixed concrete, with this stabilisation cushioning the impact of higher energy costs"

EBITDA (earnings before interest, tax, depreciation and amortisation) grew more than 2-fold to RM613.8 million for the 6 months ended 31 December 2023, compared to RM257.1 million for the same period last year.

YTL HOSPITALITY REIT
YTL Hospitality REIT's Half-Year Revenue Rises 14% to RM276 Million & Distributable Income Increases 37% to RM79 Million Distribution of 4.1781 Sen per Unit Declared

YTL Hospitality REIT's revenue rose 14% to RM276.1 million for the 6 months ended 31 December 2023 compared to RM242.4 million for the previous corresponding 6 months ended 31 December 2022. Net property income (NPI) increased to RM144.0 million for the half-year under review compared to RM124.4 million for the same period last year, whilst income available for distribution grew 37% to RM79.1 million this year compared to RM57.9 million for the same period last year.

Tan Sri (Sir) Francis Yeoh Sock Ping, Executive Chairman of Pintar Projek Sdn Bhd, the Manager of YTL Hospitality REIT, said, "In the hotel segment, better performance of our Australian portfolio resulted from higher international arrivals and events held in Australia, improving average occupancy and daily room rates. In the property rental segment, the increase in revenue and NPI was contributed by the new Hotel Stripes Kuala Lumpur, acquired on 31 October 2023."

The Board of Directors of Pintar Projek Sdn Bhd, the Manager of YTL Hospitality REIT, declared an interim distribution of 4.1781 sen per unit for the 6 months from 1 July 2023 to 31 December 2023, the book closure and payment dates for which are 7 March 2024 and 27 March 2024, respectively. The total income distribution amounts to RM71.2 million, representing approximately 90% of the total distributable income for the financial period ended 31 December 2023.